Citigroup has posted a net income of $3.5bn for the first quarter of 2016, down $26.6% compared to $4.7bn a year ago.
The bank attributed the slide in net income to lower revenues and a higher cost of credit, partially offset by lower operating expenses.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Total revenues stood at $17.55bn, a fall of 11% from $19.73bn in the prior year, the bank said in its earnings statement.
The bank’s private bank revenues increased 5.2% year-on-year to $746m from $709m, mainly due to higher loan and deposit balances.
The group’s operating expenses dropped 3.3% to $10.52bn from $10.88bn in the prior year quarter.
Citigroup CEO Michael Corbat said: "While our market-sensitive products clearly suffered from weak investor sentiment during the quarter, we continued to make progress in several key areas. We grew loans and deposits in our core businesses, reduced our expenses while absorbing a significant repositioning charge, utilized additional Deferred Tax Assets, and generated capital in excess of what we returned to our shareholders.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Our Common Equity Tier 1 Capital ratio now stands at 12.3% and our Tangible Book Value per share increased to $62.58."
