Citigroup's Q1 Profit Plunges 27 pct

Citigroup Inc's quarterly profit plunged 27 percent as bank set aside money to cover losses on energy loans and its costs related to shrinking some businesses rose.

The No.4 U.S. bank by assets said its net income fell to $3.5 billion, or $1.10 per share, in the first quarter ended March 31 from $4.8 billion, or $1.51 per share, a year earlier.

Analysts on average had expected earnings of $1.03 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable.

The profit decline is the biggest among big U.S. banks that have reported first-quarter results so far.

Reporting by Sweta Singh