Citigroup profit falls 46% but stock rises after it beats analyst targets

Citigroup Inc. shares rose 1.4% on Thursday after the bank said its first-quarter profit fell 46% to $4.3 billion, or $2.02 per share from $7.9 billion, or $3.62 per diluted share in the year-ago quarter. Revenue fell to
$19.2 billion from $19.7 billion, as higher net interest income was more than offset by lower non-interest revenue across businesses, the company said.
The bank attributed its drop in net income to higher cost of credit, higher expenses and lower revenue. The latest quarter’s results included Asia Consumer divestiture-related impacts of approximately $677 million. Citi beat the analyst forecasts for earnings of $1.43 a share and revenue of $18.19 billion, according to a survey by FactSet. Prior to Thursday, Citi’s stock is down 17% so far in 2022 compared to a drop of 6.7% by the S&P 500 and a loss of 4.5% by the Financial Select SPDR ETF .

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