Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans.
While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday.
Citigroup joined other banking giants, JPMorgan Chase & Co. and Wells Fargo & Co. in preparing for a potential recession later this year.
The slowdown is “likely to be mild and we’re prepared,” Chief Financial Officer Mark Mason told journalists on a conference call.
Citi earned $1.86 per share in the first quarter, beating analysts’ average estimate of $1.67, according to Refinitiv data. The shares were up 2.8 percent….