Citigroup's first-quarter earnings jump

Citigroup (ticker: C), the nation's fourth-largest bank by assets, said Thursday that first-quarter earnings jumped to $1.52 per share, vs. $1.23 a year earlier.

Analysts had expected Citi to earn $1.39 per share.

"While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients," said Citi CEO Michael Corbat in a statement. "We were pleased that the Federal Reserve did not object to our capital plan so we can now begin meaningful capital return to our shareholders."

Citigroup revenues were $19.7 billion in the first quarter 2015, down 2% from the prior year period. But the company cut expenses 10% year over year, and the company reduced its loan loss reserves to $14.6 billion at quarter end, or 2.38% of total loans, compared to $18.9 billion, or 2.87% of total loans, at the end of the prior year period.

Citigroup stock rose 1.95%, to $54.25, in pre-market trading.

Citi's earnings join a growing number of better-than-expected first-quarter showings for megabanks. JPMorgan Chase reported Turesday that its earnings were $1.45 compared with $1.28 a year earlier. And investment bank Goldman Sachs says its first-quarter profit rose to $5.94 per share from $4.02 per share a year earlier.