Citigroup Inc., the world's biggest financial-services company, reported on Friday that its first-quarter profit rose 3.2%.

 

Profit rose to a new record of $5.44 billion, or $1.04 a share. Analysts were expecting a profit of $5.38 billion, or $1.02 a share.

 

Revenue rose 6.2% to $21.53 billion from $20.28 billion.

 

"We are proud of our record global earnings, driven by the strength and diversity of our global franchises," said Chief Executive Officer Charles Prince. "We achieved strong growth in customer balances, which helped to offset the impact of spread compression from rising short-term rates. Our fixed income and transaction services businesses performed exceptionally well, both achieving record revenues."