BUSINESS Citigroup sets aside $7 bn for bad loans as earnings tumble

BUSINESS

Citigroup sets aside $7 bn for bad loans as earnings tumble

AFP

20:39, April 15, 2020

Citigroup reported a steep decline in first-quarter profits Wednesday as it set aside around $7 billion in case of loan defaults due to coronavirus shutdown.

14222100bs0f.jpg

Photos: VCG

Net profit came in at $2.5 billion for the quarter ending March 31, down 46 percent from the year-ago period. Revenues rose 12 percent to $20.7 billion.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue