Business USA

Citigroup is reporting a profit of $2.9 billion

New York – Yesterday U.S. banking giant Citigroup posted a profit of U.S. $ 2.9 billion in the first quarter, thanks to unprecedented revenue arising from the transaction management of its international customers and the largest number of loans repaid on time. This corresponds to a profit of 95 cents per share.

Citigroup is the U.S. bank with the most branches abroad. Its services for international transactions generated quarterly revenues of 2.7 billion, up 7% year over year. Because most customers have repaid their loans on time, the bank cashed a profit of 1.2 billion fund set aside to cover loan losses. Customer loans late by at least 90 days, including credit card payments, fell 19 percent from a year ago.

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