by Reuters
Citigroup Inc's first-quarter profit fell 32 percent, slightly beating expectations, as the bank lost less money on bad loans but struggled to grow its business.
The third-largest U.S. bank said on Monday it earned $3.0 billion, or 10 cents per share, down from $4.4 billion, or 15 cents per share, a year earlier.
Analysts on average had expected 9 cents per share, according to Thomson Reuters I/B/E/S.
Citigroup shares rose about half a percent in premarket trading. They closed down 0.23 percent at $4.42 on Friday.
It is the fifth consecutive quarterly profit for Citigroup, which is slowly recovering after taking $45 billion in U.S. bailouts during the financial crisis.
By the end of 2010, the government had shed its common shares in Citigroup, and the bank reported its first annual profit since 2007.
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