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4/15, 1:59 PM (Source: TeleTrader)
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Citigroup's net income plunges 46% to $2.5B in Q1

Citigroup Inc. said on Wednesday that its revenues in the first quarter of 2020 amounted to $20.7 billion, marking a 12% increase compared to the same period of last year.

However, diluted earnings per share (EPS) stood at $1.05, marking an 44% drop year on year. Net income for the three-month period slid 46% on an annual basis to $2.5 billion.

CEO Michael Corbat stated that the results were "significantly impacted" by the coronavirus. "We managed our expenses with discipline and had good revenue performance as the economic shocks caused by the pandemic weren’t felt until late in the quarter. However, the deteriorating economic outlook and the transition to the new Current Expected Credit Loss standard (CECL) caused us to build significant loan loss reserves," he stressed.

Citigroup shares were down 2% in premarket trading after the release of the results.

Breaking the News / NP