Citigroup quarterly profits plunge 27%

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Citigroup hq Image copyright Reuters

US bank Citigroup has reported a 27% fall in first quarter profits compared with a year earlier.

It came as Citi said it had set aside more cash to cover losses on energy loans, and as the cost of shrinking some of its businesses increased.

Citi, which is restructuring to focus on more profitable businesses, saw net income fall to $3.5bn from $4.8bn in the same period a year earlier.

However, the results were better than analysts had been expecting.

Chief executive Michael Corbat said Citi was making progress “in becoming a simpler, smaller, safer and stronger institution”.

The bank’s profit decline, in the three months to the end of March, is the largest among big US banks that have reported first quarter results so far.

Citi recently slipped from third to fourth biggest US bank by assets, after being overtaken by Wells Fargo.

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