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From CNN Business' Anneken Tappe) first-quarter earnings report continued the trend for banks so far: a drop in profits and a shoring up of reserves ahead of expected coronavirus-related loan losses.
“Our earnings for the first quarter were significantly impacted by the COVID-19 pandemic. We managed our expenses with discipline and had good revenue performance as the economic shocks caused by the pandemic weren’t felt until late in the quarter," said Citi CEO Michael Corbat. The bank reported net income of $2.5 billion in the first three months of the year, compared with $4.7 billion in the same period in 2019.
Just like its peers, many of which also report earnings this week, Citi built up reserves to protect its business against loan losses during the coronavirus crisis. The bank allowance for loan losses stood at $20.8 billion -- or 2.9% of total loans -- at the end of the first quarter, which was $8.5 billion more than in the prior year.
Revenue climbed to $20.7 billion, up from $18.6 billion in the first quarter last year. Citi attributed this increase to higher revenues in its fixed income and equity markets groups, as well as mark-to-market gains on loans hedged in its corporate lending portfolio.
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