Citigroup first quarter result announces, posted profit

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Alix

20 April, 2010

Citigroup announced on Monday April 19, a first quarter profit as expenses were cut, credit losses declined and revenue improved. After the company's first quarter result announced, its shares goes up about 5% on the NYSE.

CITIGROUP, THE third-largest U.S. bank posted a $4.43 billion first-quarter profit, its best result in nearly three years. Citigroup announced on Monday April 19, a first quarter profit as expenses were cut, credit losses declined and revenue improved. Citigroup received a total of $45 billion in bailout funds during the worst of the crisis. After the company's first quarter result announced, its shares goes up about 5% on the NYSE.

Citigroup total first-quarter income from continuing operations surged to $4.25 billion from $1.69 billion in the year-ago quarter. Citigroup earned 15 cents per share on revenue of $25.4 billion. Company's results which announced today Monday April 19, exclude a $10.1 billion pre-tax charge related to the repayment of Troubled Asset Relief Program funds.

Citigroup's CEO Vikram Pandit said that company's performance was aided by stability in the capital markets and improvement in the global business climate, after the first-quarter results. In the other side Bank of America on Friday reported a huge $3.2 billion profit or 28 cents per share for the first quarter of 2010. JP Morgan Chase also showed profit in the first quarter of 2010.