Citigroup (NYSE:C) shares gained more than 4% on Friday after the company reported its Q1 results, with EPS of $2.19 (boosted by the $953 million impact from the sale of the India consumer business) coming in significantly above the Street estimate of $1.70. Revenue was $21.4 billion, beating the Street estimate of $20.05 billion.

While investment banking and equity sales & trading revenues dropped 25% year-over-year, the FICC sales & trading revenue came in better than the analysts’ estimates.

CEO Jane Fraser informed investors that the bank is getting ready for a mild economic downturn later this year, which could worsen in case of a more serious credit crisis.