The share of Citigroup Inc. Pre-conference trading increased by 1.4% as the bank announced a decrease in profits, which, however, were higher than expected.
In particular, first-quarter earnings fell 46 percent to $ 4.3 billion, or $ 2.02 a share, from $ 7.9 billion, or $ 3.62 billion, a year ago.
Revenue fell to $ 19.2 billion from $ 19.7 billion, as higher interest income was offset by lower non-interest income across the entire range of activities.
The bank attributed the decline in net profits to higher credit costs, higher costs and lower revenue.
Citigroup’s results were higher than those of analysts for earnings of $ 1.43 per share and revenue of $ 18.19 billion.
Source: Capital
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