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Citigroup’s Profit Falls As It Preps For Potential Loan Losses

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Preparations for potential bad loans in a recession pushed Citigroup second quarter profit down 27%, offsetting a boom in business from global companies trying to position themselves for rising interest rates.

The bank on Friday reported a profit of $4.55 billion, or $2.19 per share, compared with $6.19 billion, or $2.85 a share, a year earlier. That beat the $1.68 per share expected by analysts polled by FactSet.

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