Citigroup Inc reported lower first-quarter profit on Monday as the bank worked to contain expenses in the face of volatile capital markets and the need to finish overhauling its business portfolio after the financial crisis.

The New York-based lender said net income was $2.93 billion (1.85 billion pounds), compared with $2.99 billion (1.88 billion pounds) a year ago.

The company said earnings per share were $1.11 excluding the impact of accounting adjustments for changes in the value of its debt and that of counterparties.

(Reporting by David Henry in New York; editing by John Wallace)