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.

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