Citi added $1.9-billion to its reserves in the quarter to prepare for losses from direct exposures in Russia and the economic impact of the Ukraine war
posted a 46 per cent plunge in first-quarter profit on Thursday as it took hits from provisions for Russia-related losses, a slump in underwriting fees and higher expenses.
The bank said it had reduced its exposure to Russia to $7.8-billion, from $9.8-billion in December. If the conflict follows a severely adverse scenario, it would now lose no more than $3-billion, down from the nearly $5-billion estimated last month. Revenue from Treasury and Trade Solutions – Citi’s crown jewel business – rose 18 per cent due to higher net interest income and fee growth.
Her push has, however, driven up costs, with expenses rising 10 per cent in the quarter excluding those for divestitures of the Asia consumer business. The repurchases came as Citi’s capital account was hurt by unrealized losses on securities as a result of the recent rise in interest rates.
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