Citigroup Inc. reported a strong first-quarter performance, with profits increasing by 21% to $4.1 billion, surpassing expectations. The bank's revenue reached $21.60 billion, a 2.33% increase year-over-year, and earnings per share rose to $1.96, up 24.05% from the previous year. This performance was driven by the firm's trading operations, which exceeded forecasts, generating $6 billion in revenue with an 8% increase in fixed income and a 23% gain in equities trading. Additionally, Citigroup's wealth business saw a 24% revenue increase to a record $2.1 billion. Bank of America Corp. also reported robust earnings for the first quarter, with profits increasing by 10% to $7.4 billion, or $0.90 per share, beating estimates of $0.82 per share. The bank's revenue grew by 6% to $27.4 billion, surpassing the expected $26.97 billion. Key contributors to this performance included a 3% rise in net interest income to $14.4 billion and an 11% increase in sales and trading revenue to $5.7 billion. Bank of America's stock surged 4% following the earnings release, and its deposits reached $1.99 trillion. Both banks attributed their strong results to heightened market volatility, particularly from tariff-related uncertainties, which boosted trading activities. Citigroup and Bank of America reported slight increases in consumer spending during the first quarter, indicating that consumers have remained active amid economic uncertainties.