Citigroup Inc on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower revenue from bond and currency trading.

The lender said it booked a one-time charge of $22 billion stemming from changes in a new U.S. tax law, which resulted in a loss of $18.3 billion in the fourth quarter ended Dec. 31.

While the new tax law is expected to bring long-term gains for banks doing business around the world, several Wall Street banks have said they will be taking a one-time charge in the fourth quarter resulting from the new federal tax law.

JPMorgan Chase & Co, the biggest U.S. bank, said on Friday it had taken $2.4 billion in one-time tax expenses, primarily for income earned overseas in the past.

Shares of Citigroup were up 2.4 percent at $78.70 in premarket trading.

Citigroup, the fourth-largest U.S. bank by assets, said it expects to benefit in future quarters from the new tax law as its tax rate falls to about 25 percent in 2018 from 30 percent in 2017.

Analysts expect Citigroup to benefit less than other banks as the New York-based bank earns about half of its profits overseas, where corporate tax rates are mostly lower than the United States.

Adjusted to exclude the major tax charge, net income rose 4 percent to $3.7 billion. Adjusted earnings per share were $1.28. and above analysts’ average estimate of $1.19, according to Thomson Reuters I/B/E/S.

Total revenue rose 1.4 percent to $17.26 billion and was slightly better than estimates of $17.22 billion. Institutional Clients Group revenue, which includes investment banking and trading, fell 1 percent, hurt by lower volatility in fixed income markets compared with a year ago when investors actively changed positions around the U.S. presidential election.

The bank’s Global Consumer Banking business, which includes retail banking and credit cards, rose 5.6 percent and accounted for nearly half of total revenue.

The company said the tax charges will erase about $6 billion from a key measure of regulatory capital, CET1, but that it still expects to return at least $60 billion of capital to shareholders over three years. Investors and analysts have been pushing the company to prove it can grow revenue and profits as a second act to shrinking and returning capital.

Lagging competitors in growth and not earning its cost of capital, Citigroup’s share valuations have not kept up with peers, such as JPMorgan and Bank of America.

Bank of America Corp, the second-biggest U.S. lender, and investment banking house Goldman Sachs Group Inc are expected to report fourth-quarter results on Wednesday.

Reuters (Reporting by Sweta Singh in Bengaluru; Editing by Bernard Orr)