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Citigroup: quarterly profit rises on lower expenses

( - Citigroup reported a slight rise in quarterly profit on Monday, as a reduction in expenses and a lower effective tax rate offset a decline in revenues, along with a higher cost of credit.

The US bank today reported Q1 net income of 4.7 billion dollars, or 1.87 dollar per diluted share, on revenues of 18.6 billion dollars.

This compared to net income of 4.6 billion dollars, or 1.68 dollar per diluted share, on revenues of 18.9 billion dollars for the first quarter of 2018.

Equity market revenues in particular decreased 24% in the past quarter, the group said, compared to a strong equivalent period last year, due to lower market volumes and client financing balances.

However, Citi's total operating expenses by fell 3% in the first quarter, driven by efficiency savings and the wind-down of legacy assets.

Its shares are up 0.3% in pre-market trading on Monday.

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