Citigroup’s quarterly profit plunged 27 per cent as bank set aside money to cover losses on energy loans and its costs related to shrinking some businesses rose.

The fourth largest US bank by assets said its net income fell to $3.5 billion, or $1.10 per share, in the first quarter ended March 31st from $4.8 billion, or $1.51 per share, a year earlier.

Analysts on average had expected earnings of $1.03 per share, according to Thomson Reuters I/B/E/S.

The profit decline is the biggest among big US banks that have reported first-quarter results so far.

Reuters