Citi's Q1 profit falls 32 percent on lower loans

NEW YORK (AP) — Citigroup's first-quarter income fell 32 percent on lower revenue from investment banking and a decline in consumer loans. The bank was able to set aside fewer reserves for losses as more borrowers were able to keep up with their debt payments.

The New York bank said Monday that it earned $3 billion, or 10 cents per share, compared with $4.4 billion, or 15 cents a share in the first quarter of last year. The earnings were slightly higher than the 9 cents per share estimated by analysts surveyed by FactSet.

Revenue fell 22 percent to $19.7 billion.

"The environment has been challenging," Citi CEO Vikram Pandit said in a conference call with analysts. …