(Citi) Citigroup reported a net income of $4.3 billion in the first quarter of 2022, a decline compared to incomes of $7.9 billion in the prior year.
The lower earnings reflected a rise in costs and expenses, including loss provisions from halted Russian operations. The bank added $1.9 billion to cover Russian exposures.
The bank reported revenue of $19.2 billion in the first quarter, down by 2% from the prior year. Investment’s revenue plunged 43% at the back of falling underwriting fees as black-check deals tapered off.
The bank’s services revenue was up 15% to $3.4 billion in the first quarter from the prior year, while market revenues fell by 2% to $5.8 billion. Banking revenues fell by 32% to $1.7 billion, reflecting heightened geopolitical uncertainty.
Citi said it returned $4 billion to its shareholders in the first quarter, which included $1 billion in dividends.
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