Why Citigroup Is Booming Today

First-quarter numbers for Citigroup (NYSE: C  ) are in, and given how good they are, investors are understandably happy, driving the superbank's share price up 2.98% already on the day.

Tale of the tickers
But before we dig into the particulars, let's have a quick look at where Citi's peers and the markets are so far:

Bank of America is up 0.82%. Up 0.45%, JPMorgan Chase (NYSE: JPM  ) has just edged out of the red, where the superbank began the day's trading. Wells Fargo (NYSE: WFC) has finally climbed out of the red, as well, where it began the trading day: It's now up 0.32%.

So far, so bad in the markets, however, with the Dow Jones Industrial Average down 0.46%, the S&P 500 down 0.56%, and the Nasdaq Composite down 0.55%.

Foolish bottom line
There's no mystery as to why Citi is beating the band today; the bank's first-quarter results are impressive, and investor money is flowing in.

First-quarter net income rose 30%, to $3.8 billion, not significantly far off from JPMorgan's Q1 results, which showed an increase in net income of 33%. This puts Citi's earnings per share at $1.23, easily beating estimates. 

Perhaps even more significantly for Citi, revenue actually rose in the first quarter: up 3% year over year. In comparison, JPMorgan's revenue dropped 3.8% year over year for Q1. Even Wells had reduced first-quarter revenue, down 1.4% year over year. 

A few other Citi bright spots to report:

Revenue rose 12% from the fourth quarter. Net losses at Citi Holdings, the "bad bank" created after the financial crisis to hold the superbank's bad assets, dropped to $794 million, or 21%. Operating expenses rose 1% year over year, but dropped 3% from Q4: The more efficient Citi can be in its operations, the more money for the bottom line. 

There you have it. Happy numbers make for happy investors, but as a Foolish investor, always remember that you're in this for the long term. Though the share prices of your favorite companies may spike and plummet on a day-to-day, week-to-week, or even month-to-month basis, so long as the fundamentals of the companies you're invested in remain sound, have faith that your money is in the right place.

Looking for in-depth analysis on Citi?
If so, look no further than our new premium report on the superbank. In it, Matt Koppenheffer -- The Motley Fool's senior banking analyst -- will fill you in on both reasons to buy and reasons to sell Citigroup. They'll also clue you in on what areas investors need to watch going forward. For instant access to Matt's personal take on Citi, simply click here now.