Citigroup tops earnings estimate despite profit plummeting 46%
Citi added $1.9 billion to its reserves for protection from losses incurred from the Russia-Ukraine crisis
By Arghyadeep Dutta
Published - Apr 14, 2022, 04:16 PM ET
Last Updated - Feb 21, 2024, 03:38 PM EST
Estimates to lose less than $3 billion due to conflict, down from $5 billion
On Thursday, Citigroup Inc (NYSE: C) reported that the bank saw a 46% drop in first-quarter profit as it took hits from losses related to the Russia-Ukraine war, a slump in underwriting fees, and higher expenses.
The US bank said its net income fell to $4.30 billion, or $2.02 per share, for the quarter ended on March 31, from $7.94 billion, or $3.62 per share, a year earlier.
However, the bank performed better than expected in terms of Wall Street estimates. Analysts had expected a profit of $1.55 per share.
