Citigroup is reporting a profit of $US2.9 billion ($A2.81 billion) for the first three months of the year.
The bank says it collected record revenue from processing international transactions by other companies. It was hurt by an accounting charge of $US1.3 billion as the value of its debt increased.
The bank says it earned 95 cents a share in the first quarter, falling short of estimates of $US1.01 per share from analysts surveyed by FactSet.
As more of its customers paid back their loans on time, the bank was able to take a profit of $US1.2 billion from the reserves it had set aside for losses.