Citigroup report 4% rise in Q1 profit

April 15, 2014 1:34 am

Citigroup Inc.’s has said its first-quarter net profit climbed 4%, as a smaller loss on its troubled assets made up for a drop in revenue and profit from its core trading and lending businesses, Reuters has reported. First-quarter adjusted net income rose to $4.15bn from $4bn a year earlier, the third-largest US bank said. Total net income under Generally Accepted Accounting Principles rose to $3.94bn, compared with $3.81bn. The adjusted net loss from Citi Holdings, which holds the bank’s portfolio of troubled assets left over from the financial crisis, eased to $292m from $798m a year earlier.