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Citigroup reports 4.4-billion-dollar profit.

Summary: New York, April 19, 2010, SPA -- Citigroup, once the problem child among US banks, said today it boasted a record recovery in the first quarter with profits of 4.4 billion dollars, according to dpa. Stronger capital markets, fewer credit defaults and cost savings ...

Citigroup, once the problem child among US banks, said today it boasted a record recovery in the first quarter with profits of 4.4 billion dollars, according to dpa. Stronger capital markets, fewer credit defaults and cost savings resulted in the surprise earnings that buoyed the bank that had to be bailed out by the US government in 2008. Revenues rose 7.5 billion dollars to 25.4 billion dollars. Citigroup has reported billions of dollars in losses over the financial crisis, including a 7.6-billion-dollar loss last quarter as it worked to repay emergency government loans. "Citi today is fundamentally a very different company from what it was only two years ago," said chief executive Vikram Pandit. "We are proud of our first quarter results but remain cautious about the environment, given the uncertain economic recovery and high unemployment in the US." The US government took a 27-per-cent stake in the bank as part of unprecedented market interventions taken to prevent Wall Street's collapse in 2008, but plans to sell the stake over the course of this year. Citigroup was given 45 billion dollars in taxpayer funds in late 2008 - 20 billion dollars in loans and 25 billion dollars in return for the government stake. Citigroup has already paid back the 20- billion-dollar loan.

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Publication:Saudi Press Agency (SPA)
Article Type:Financial report
Date:Apr 19, 2010
Words:275
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