Citigroup Q1 profit at $2.9 billion, misses Wall Street expectations

Citigroup has reported a profit of $2.9 billion for the first three months of the year.

The bank says it collected record revenue from processing international transactions by other companies, but was hurt by an accounting charge of $1.3 billion as the value of its debt increased.

The bank says it earned 95 cents a share in the first quarter, falling short of estimates of $1.01 per share from analysts surveyed by FactSet.

As more of its customers paid back their loans on time, the bank was able to take a profit of $1.2 billion from the reserves it had set aside for losses.

Citi's stock was up 14 cents to $33.55 in pre-market trading.