Citigroup (NYSE: C) reported its financial results for the quarter ended March 31, 2020 today.
Citigroup reported a 46% dip in earnings for the first quarter of 2020 due to higher credit reserve build. However, the top-line increased by 12% reflecting higher revenues in Fixed Income Markets and Equity Markets, and the benefit of mark-to-market gains on loan hedges in the corporate lending portfolio.
The bottom line was hurt by higher loan loss reserves, reflecting the impact of changes in Citi’s economic outlook on estimated lifetime losses under the new Current Expected Credit Loss standard (CECL). The results were significantly impacted by the COVID-19 pandemic.
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