Citigroup Profit Drops 46%. But the Stock Rises as Earnings Top Forecasts.

Citigroup posted a 46% drop in profit for the first quarter but its financial results still topped analysts’ estimates.

The bank posted earnings of $2.02 a share on $19.2 billion of revenue, well ahead of earnings of $1.43 a share on revenue of $18.2 billion forecast by analysts surveyed by FactSet. Net income totaled $4.3 billion, down by nearly half from the year-ago quarter as the bank contended with higher credit costs and other other expenses.

While…