Citigroup profit triples in 1Q, tops estimates; revenue down

NEW YORK (AP) — Citigroup says profits more than tripled in the first quarter, helped by the release of billions of dollars from its loan-loss reserves. The New York-based company said it earned a profit of $7.94 billion, or $3.62 per share, compared to a profit of $2.54 billion, or $1.06 a share, in the same period a year earlier. Citi had a $2.06 billion one-time gain from releasing some loan-loss reserves. Separately, Citi is slimming down its global consumer banking franchise to focus on four geographic markets: Singapore, Hong Kong, the United Arab Emirates and London. The change does not impact Citi’s consumer banking operations in the U.S.