Citigroup’s First Quarter Profit Falls 27%, But Beats Expectations — WSJ
By Justin Baer Citigroup reported a 27% drop in its first-quarter profit as expenses, including from the banks restructuring plans, offset revenue gains by some of its biggest businesses. The third-biggest U.S. banks shares rose 1% in early trading after the results were announced. Here are the numbers you need to know: — Citi reported net income of $3.37 billion, or $1.58 a share, compared with net income of $4.61 billion, or $2.19 a share, a year earlier. Analysts expected $1.18 per share, according to FactSet. — Revenue fell 2% to $21.1 billion from $21.45 billion. Wall Street was looking for $20.46 billion, according to FactSet. Citis revenue tally a year ago included a $1 billion gain on the sale of its consumer-banking arm in India. — Citis Services business, which provides a range of banking and treasury services for companies and investment managers, posted revenue of $4.8 billion, up […]
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