Net income rose to $4.84bn after the group made $1.06bn from the sale of its stake in its Travelers Property Casualty Corp. unit. Excluding this one-off gain, the 4% rise in profits meant that the group missed forecasts for the first time since the merger of Citicorp and Travelers Group Inc. in 1998.
Citigroup also took a $816m hit this quarter for its exposure to Argentina.
The profit from investment and corporate banking fell 4% to $987m.
The world's largest financial services group, Citigroup, posted a 37% increase in first quarter earnings, but disappointed Wall Street, which had expected more.
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