Citigroup released the earnings report for its first quarter before opening bell this morning, posting adjusted earnings of $1.52 per share on adjusted revenue of $19.8 billion. Analysts had been looking for earnings of $1.39 per share and adjusted revenue of $19.8 billion.

Citigroup Inc Beats Earnings Estimates

In the same quarter a year ago, Citigroup reported $20.2 billion in revenue.

Key metrics from Citigroup’s earnings report

GAAP earnings were $1.51 per share, compared to last year’s $1.23 per share in earnings, and GAAP revenue was $19.7 billion.  The banking firm’s deposits fell 7% year over year to $900 billion. Citigroup recorded a -$73 million in CVA/ DVA, compared to last year’s $7 million.

Cost of credit fell 3% to $1.9 billion, while the bank’s allowance for loan losses was $14.6 billion at the end of the quarter. Citigroup had a total loan amount of $621 billion at the end of the March quarter, a 7% decline compared to the previous year.

Revenues from Citicorp came in at $17.9 billion, a 2% decline, while the Global Consumer Banking segment saw $8.7 billion in revenue, also a 2% decline. The company’s Institutional Clients Group saw a 1% decline in revenue to $9 billion for the first quarter. Citi Holdings saw $1.8 billion in revenue, becoming profitable again.

“We had a strong quarter overall, particularly in executing against our top strategic priorities, said Citigroup CEO Michael Corbat in a statement. “While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients. We tightly managed our expenses, helping to achieve positive operating leverage in Citicorp and we are on track to hit our financial targets for the year.”

Fed approves Citigroup’s capital plan

The bank’s book value per share was $66.79, while its tangible book value was $57.66 per share as of the end of the quarter. Citigroup reported an 11% Common Equity Tier 1 ratio and a Supplementary Leverage Ratio of 6.4%.

Corbat also said the Federal Reserve has approved their capital return plan, so they can begin “meaningful” return to shareholders.