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Citigroup reports 4.4-billion-dollar profit
Published in Saudi Press Agency on 19 - 04 - 2010

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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