NEW YORK (CNN/Money) - Two of the nation's biggest banks reported mixed quarterly results Monday, with Citigroup falling short of Wall Street estimates and Bank of America coming in higher than expected.

Citigroup (C: up $2.19 to $48.11, Research, Estimates) said operating earnings for the quarter rose to 74 cents a share from 71 cents a year earlier. That was below analysts' consensus forecast of 78 cents a share, according to earnings tracker First Call.

The results include an $816 million pre-tax charge reflecting the impact of economic conditions in Argentina.

Its stock tumbled 3.5 percent in early afternoon trading Monday.

"The principal reason for Citigroup's shortfall versus consensus was the 10 cents of charges related to Latin America, which were expected," Catherine Murray, an analyst at J.P. Morgan told Reuters Monday. "The order of magnitude was harder to ascertain but the fact that they were going to have to take additional charges was expected."

First-quarter revenue increased 5 percent to $22 billion from $21 billion.

Citigroup Chairman Sanford Weill said the bank increased its reserve for loan losses as a hedge against the Argentine economic crisis.

The firm cut expenses by $600 million year-to-year through job reductions and other expense savings in its corporate and investment bank divisions.

Higher bankruptcies in Japan also hurt the bank's consumer businesses there.

Consumer banking income rose in the quarter thanks to acquisitions and cost-cutting in the period. Emerging Markets profit fell in the quarter related to Argentina and credit losses in Latin America.

Corporate and investment banking income fell 4 percent while income from global investment management and private banking increased 6 percent from a year ago.

Citigroup, which spun off its Travelers Property Casualty subsidiary with an initial public offering in the quarter, said property and casualty income fell 4 percent in the quarter.

Meanwhile, Bank of America (BAC: up $1.52 to $70.72, Research, Estimates) said its first-quarter profit jumped to $2.2 billion, or $1.38 a share, from $1.9 billion, or $1.15 a share a year earlier. Analysts expected a profit of $1.34 a share, according to First Call.

BOA stock also was down in afternoon trading Monday.

The bank was helped in part by a 59 percent increase in mortgage volume.

First-quarter revenue increased to $8.7 billion from $8.5 billion.

Bank of America said it was helped by debit card purchase volume in the quarter as well as a new home financing program that helped drive mortgage volume.

Consumer and commercial banking income jumped 11 percent in the quarter while global corporate and investment banking income slipped from a year ago.

Asset management earnings increased while the bank reported a loss on equity investments for the quarter.