Citigroup announced Monday its first quarter profits declined, but lending problems eased as the New York-based banking company continued to recover from the housing crisis.
Citi reported that earnings fell 32% to $3 billion or 10 cents per share, down from $4.43 billion or 15 cents per share from year earlier. Revenues declined 28.9% to $19.7 billion. The company beat analysts expectations by a penny.
However, revenue rose 7% from the previous quarter, and Chief Financial Officer John Gerspach said the bank is making progress
Chief Executive Vikram Pandit said in a press release, "we are investing in our core businesses in Citicorp," which holds the company's retail banking and commercial and investment-banking business; "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."
Some foreign regions are helping Citi continue its resurgence. The company has benefited from growth in Latin America and Asia. Consumer lending grew more than 15% in both regions during the first quarter.