Citigroup on Friday posted first-quarter income that topped analysts’ estimates, helped by better-than-expected leads to the financial institution’s funding banking and buying and selling operations.

Here is how the company performed, in contrast with estimates from LSEG, previously referred to as Refinitiv:

• Earnings: $1.86 per share, adjusted, vs. $1.23 anticipated
• Income: $21.10 billion vs. $20.4 billion anticipated

The financial institution mentioned revenue fell 27% from a yr earlier to $3.37 billion, or $1.58 a share, on increased bills and credit score prices. Adjusting for the influence of FDIC expenses in addition to restructuring and different prices, Citi earned $1.86 per share, based on LSEG calculations.

Income slipped 2% to $21.10 billion, largely pushed by the influence of promoting an abroad enterprise within the year-earlier interval.

Funding banking income jumped 35% to $903 million within the quarter, pushed by rising debt and fairness issuance, topping the $805 million StreetAccount estimate.

Fastened revenue buying and selling income fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities income rose 5% to $1.2 billion, topping the $1.12 billion estimate.

The financial institution additionally posted an 8% achieve to $4.8 billion in income in its Companies division, which incorporates companies that cater to the banking wants of worldwide firms, due to rising deposits and costs.

Shares of the financial institution fell 2% after posting beneficial properties earlier.

Citigroup CEO Jane Fraser beforehand mentioned that her sweeping company overhaul can be complete by March, and that the agency would give an replace to severance bills together with first-quarter outcomes.

“Final month marked the tip to the organizational simplification we introduced in September,” Fraser mentioned within the earnings launch. “The result’s a cleaner, easier administration construction that totally aligns to and facilitates our technique.

Final yr, Fraser introduced plans to simplify the administration construction and cut back prices on the third-biggest U.S. financial institution by belongings. The financial institution on Friday reiterated its medium time period targets for returns hitting at the very least 11% and producing at the very least $80 billion in income this yr.

JPMorgan Chase reported results earlier Friday, and Goldman Sachs stories on Monday.