Citigroup earnings down 32%

| April 18, 2011 | 0 Comments
Citigroup earnings down 32%

US banking giant Citigroup has today announced first quarter net earnings fell to $3 billion (£1.8 billion), down 32% compared with the same period a year ago.

According to the bank, the drop was attributed to a fall in revenues – which were 22% lower, at $19.7 billion, with the firm’s investment bank hardest hit.

However, on a positive note, the bank’s bad debt position improved during the three-month period after setting aside $3.2 billion to cover potential future losses.

Losses from bad loans fell to $6.27 billion from $8.38 billion.

The results come just a few days after rival Bank of America posted a 38% decline in profits for the first quarter.

Meanwhile, JP Morgan revealed better than expected results last week after its first quarter profits were boosted by a strong performance in its credit card operation.

Goldman Sachs, Morgan Stanley and Wells Fargo & Co. are scheduled to report their first quarter earnings this week.

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