NEW YORK, April 14 — Citigroup Inc posted a 46 per cent plunge in first-quarter profit today as it took hits from provisions for Russia-related losses, a slump in underwriting fees and higher expenses.
The bank said it had reduced its exposure to Russia to US$7.8 billion, from US$9.8 billion in December. If the conflict follows a severely adverse scenario, it would now lose no more than US$3 billion, down from the nearly US$5 billion estimated last month. Revenue from Treasury and Trade Solutions — Citi’s crown jewel business — rose 18 per cent due to higher net interest income and fee growth.
Her push has, however, driven up costs, with expenses rising 10 per cent in the quarter excluding those for divestitures of the Asia consumer business.Yet Citi has been using any excess capital to buy back shares. Unlike other big banks, its stock trades at a discount to its net worth, making buybacks attractive.
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