Citigroup profit falls 32 per cent

 
City A.M. Reporter
Citigroup's first-quarter profit fell 32 per cent, slightly beating expectations, as the bank lost less money on bad loans but struggled to grow its business.

Citi, the third-largest US bank earned $3bn (£1.8bn), or ten cents per share, down from $4.4bn, or 15 cents per share, a year earlier.

Analysts on average had expected 9 cents per share.

Citigroup shares rose about half a per cent in premarket trading. They closed down 0.23 per cent at $4.42 on Friday.

It is the fifth consecutive quarterly profit for Citigroup, which is slowly recovering after taking $45bn in US bailouts during the financial crisis.

By the end of 2010, the government had shed its common shares in Citigroup, and the bank reported its first annual profit since 2007.