Citigroup (NYSE:C) shares fell 3% intra-day today despite the company announcing its first-quarter earnings that surpassed Wall Street predictions.

The bank recorded earnings per share of $1.58, exceeding the consensus estimate of $1.22, and reported quarterly revenue of $21.1 billion, which was higher than the expected $20.39 billion. Despite an overall 2% year-over-year decline in revenue on a reported basis, adjusted figures paint a brighter picture.

Adjusting for $1 billion in impacts related to divestitures, such as the gain from the sale of its consumer business in India from the previous year, Citigroup's revenue saw a 3% increase. This growth was primarily fueled by its Banking, U.S. Personal Banking (USPB), and Services divisions, though partially offset by declines in its Markets and Wealth sectors.

Citigroup's CEO, Jane Fraser, highlighted the strong performance and excellent returns from the Services division, a notable rebound in Banking activities, and an increase in fees within the Wealth sector, which has accumulated over $22 billion in net new assets in the past year. In U.S. Personal Banking, momentum is building in both the card business and digital payment offerings, indicating robust engagement and growth prospects.