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Citigroup reports $1.6bn profits Markets cheer Citigroup earnings
(30 minutes later)
US banking giant Citigroup has reported a net profit of $1.6bn (£1.1bn) for the first three months of 2009. Common shareholders in US banking giant Citigroup suffered a near $1bn (£670m) loss in the first three months of 2009.
The figure was better than expected and marked a sharp turnaround from the same period last year when it suffered a loss of more than $5bn. But the loss had resulted from a pre-arranged $2.7bn dividend payment to preferred shareholders, and a $7.3bn credit loss from bad loans.
Before these payments were made, the bank had clocked up a net income of $1.6bn and revenues of $24.8bn.
"We had our best overall quarter since the second quarter of 2007," chief executive Vikram Pandit said.
The US Treasury holds a 40% stake in the bank, which has received a $45bn government bail-out.The US Treasury holds a 40% stake in the bank, which has received a $45bn government bail-out.
Citigroup said it had cut the size of its workforce to 309,000 people from 374,000 at its peak.Citigroup said it had cut the size of its workforce to 309,000 people from 374,000 at its peak.
"It was slightly better than anticipated, but we probably underestimated how much government support would be a wind at their back," said Michael Holland, founder, Holland & Co.
But Citi's problems are not over yet, he added.
"There's no doubt the challenges are still enormous for Citigroup."