Revenue at the markets business jumped by a quarter to $5.3 billion, thanks to volatility in the commodities and foreign exchange markets - a particularly strong segment for the bank.Clients are looking to rebalance their portfolios in the face of geopolitical tension, surging inflation and fears that aggressive Federal Reserve policy tightening could plunge the economy into a recession.
Excluding items, Citi earned $2.30 per share, according to Refinitiv calculations, beating the average analyst estimate of $1.68 per share. That pushed up credit costs to $1.3 billion, a sharp contrast to the $1.07 billion benefit a year earlier. The Treasury and Trade Solutions business - Citi's crown jewel - posted a 33% jump in revenue to $3 billion on the back of higher net interest income and fee growth.