New York, April 17 (Reuters): Citigroup Inc on Monday said first-quarter profit rose 4 per cent as record revenue from corporate and investment banking and from its non-US units offset weakness in US consumer banking operations.

Net income for the New York-based company, which is the largest US bank, rose to $5.64 billion, or $1.12 per share, from $5.44 billion, or $1.04 a share, a year earlier.

Profit from continuing operations rose 9 per cent to $5.56 billion. Revenue from continuing operations rose 5 per cent to $22.18 billion.

Results also included a $520 million after-tax charge to expense stock options, and a $657 million benefit to resolve a federal tax audit for the 1999 to 2002 years.

Analysts on average forecast profit of $1.02 per share on revenue of $22.31 billion.

Citigroup also said it authorised the buyback of up to $10 billion of stock. It had set a $15 billion buyback last April.

“We are seeing the benefits from our investment spending, which helped generate record revenues in non-US and corporate and investment banking units, chief executive Charles Prince said in a statement.

“Strength in these franchises more than offset weaker results in our US consumer business,” he added.

Citigroup shares closed Thursday at $48.05 on the New York Stock Exchange.

The stock had fallen 1 per cent this year, compared with a 3 per cent gain in the Philadelphia KBW Bank Index.