Citigroup Inc. (C) said its first quarter net income of $4.3 billion decreased 46% from the prior-year period, driven by higher cost of credit, higher expenses, and the lower revenues. The company noted that its results for the quarter included Asia Consumer divestiture-related impacts of approximately $677 million, recorded in Legacy Franchises. Earnings per share of $2.02 decreased 44% from the prior-year period, reflecting the lower net income, partly offset by a 6% decline in shares outstanding.
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