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Citi Profit Tops Estimates as Bank Taps Loan-Loss Funds

Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.

First-quarter net income climbed 3.5 percent to $3.94 billion, or $1.23 a share, from $3.81 billion, or $1.23, a year earlier, the New York-based company said today in a statement. Excluding accounting charges and a tax item, profit was $1.30 a share. The average estimate of 27 analysts surveyed by Bloomberg was $1.14.