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Citigroup surprises with profit

0 CommentsPrint E-mail Shanghai Daily, April 20, 2010
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A branch of Citibank. Citigroup Inc reported a surprise first-quarter profit of US$4.4 billion yesterday.
A branch of Citibank. Citigroup Inc reported a surprise first-quarter profit of US$4.4 billion yesterday.
The bank's stock rose about 1 percent in pre-opening trading. Other financial stocks extended a pullback in response to news that the government was charging Goldman Sachs Group Inc with civil fraud for mortgage-related transactions.

Citigroup said its total reserves to cover losses from bad loans fell 22 percent, or US$2.4 billion, from the fourth quarter to its lowest level in two years.

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