Citigroup's first-quarter income fell 32 percent on lower revenue from its investment banking business.
The New York bank on Monday said it earned $3 billion, or 10 cents per share, compared with $4.4 billion, or 15 cents a share in the first quarter of last year. The earnings were slightly higher than the 9 cents a share estimated by analysts surveyed by FactSet.
Revenue fell 22 percent to $19.7 billion from the same period last year.
As the economy improved and more of its customers made payments on time, Citigroup Inc. set aside $3.2 billion for future losses, down 63 percent. The bank also released $3.3 billion from reserves set aside for losses, which helped boost first quarter income.
Citi shares are up 6 cents to $4.48 in pre-market trading.
The New York bank on Monday said it earned $3 billion, or 10 cents per share, compared with $4.4 billion, or 15 cents a share in the first quarter of last year. The earnings were slightly higher than the 9 cents a share estimated by analysts surveyed by FactSet.
Revenue fell 22 percent to $19.7 billion from the same period last year.
As the economy improved and more of its customers made payments on time, Citigroup Inc. set aside $3.2 billion for future losses, down 63 percent. The bank also released $3.3 billion from reserves set aside for losses, which helped boost first quarter income.
Citi shares are up 6 cents to $4.48 in pre-market trading.
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