(Bloomberg) — Citigroup Inc., the third-largest U.S. bank, boosted profit more than analysts estimated after a cost-cutting push helped it weather a slump in trading.

First-quarter net income jumped 21 percent to $4.77 billion, or $1.51 a share, the firm said Thursday. Excluding accounting adjustments, earnings per share were $1.52, surpassing the $1.39 average estimate of 27 analysts surveyed by Bloomberg.

Chief Executive Officer Michael Corbat is focusing on targets for curbing costs and boosting returns after winning Federal Reserve approval to increase capital payouts to shareholders. In the fourth quarter, he sought to put much of the bank's expenses from probes, severance and office closures in the past by setting aside more than $3.5 billion. Chief Financial Officer John Gerspach has said the move would resolve a "significant portion" of the firm's legal burden.