Citigroup Inc. posted on Monday that its first-quarter profit was 3 billion dollars, or 0.10 dollar per diluted share, a 32 percent drop from the same period last year.
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A Citigroup logo is seen on an automatic teller machine in Flushing, New York in this April 3, 2009 file photo. Citigroup Inc's first-quarter profit fell 32 percent as the bank lost less money on bad loans but struggled to grow its business.
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The bank's revenues in the first quarter 2011 were 19.7 billion dollars, down 22 percent from the first quarter 2010.
According to the revenue report, the year on year decline was mainly driven by lower revenues in fixed income markets and North America regional consumer banking.
Last year, the bank's earnings mainly came from strong growth in emerging markets. However, every major business region turned out to be a slowdown in this year.
Meanwhile, credit sector were improving, as the company's net credit losses declined for the seventh consecutive quarter to 6.3 billion dollars.
Vikram S. Pandit, Chief Executive Officer of Citigroup, said that he was pleased with the bank's first quarter showing.
"After a full year of profitability, we continue to make progress in 2011 by executing our strategy with discipline. Citi Holdings losses continued to decrease; we are investing in our core businesses in Citicorp; our capital strength improved; and the mix of revenues reflects the diversity of our businesses and our depth in both the emerging and developed markets," said Pandit
Its stock opened slightly higher on Monday with a 1.13-percent or 0.05-point rise.