Citigroup, Inc. (NYSE: C) reported Monday that its first quarter profit dropped to $3 billion, or 10 cents per share, from $4.43 billion, or 13 cents per share, in the year ago quarter. Revenue dropped to $19.7 billion from $25.4 billion. Analysts, on average, expected the company to report earnings of 35 cents per share on revenue of $6.29 billion.
"After a full year of profitability, we continue to make progress in 2011 by executing our strategy with discipline. Citi Holdings losses continued to decrease; we are investing in our core businesses in Citicorp; our capital strength improved; and the mix of revenues reflects the diversity of our businesses and our depth in both the emerging and developed markets," said Vikram Pandit, Chief Executive Officer of Citigroup.
Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.
Shares of Citigroup rose more than 1.5% in pre-market trading.
Shares of Citigroup rose more than 1.5% in pre-market trading.
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