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Profits at Citigroup Plunge 46% in Q1

TheMotleyFool 
0 0 15.04.20
Profits at Citigroup Plunge 46% in Q1Photo, wide shot, wide-angle lens, Hedge fund, neutral atmosphere, photo by Charlie Waite: https://img.theapi.app/temp/95282efd-f725-49c0-be40-aa74627f7ccc.png
 

Total profits at Citigroup (NYSE: C) in the first quarter of 2020 tumbled 46% year over year as the bank braces for higher loan losses as a result of the novel coronavirus pandemic.

The results are in line with other large banks that have reported earnings so far. JPMorgan Chase saw profits drop nearly 69%, Wells Fargo saw a drop of 89%, and Bank of America saw a decline of 45%.

Citi reported net income of $2.5 billion in the first quarter, representing $1.05 per diluted share. Revenue in the quarter was $20.7 billion, up 12% on a year-over-year basis.

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Source Fool.com

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