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