Citigroup earns $4.4B in 1Q as trading rebounds
NEW YORK - April 19, 2010 -- Citigroup Inc. has provided more evidence that the nation's big banks may have turned a corner, reporting a surprise first-quarter profit as trading revenue offset losses from failed loans.
Citigroup says it earned $4.4 billion after payment of preferred dividends. The bank has cited strong trading of bonds, equities and other securities for its big profit. Citigroup, one of the hardest hit banks during the credit crisis and recession, said loan losses fell for the third consecutive quarter.
Citigroup earned 15 cents per share on revenue of $25.4 billion. That easily beating analysts expectations of a slight loss, according to Thomson Reuters.
The bank's stock has gained 1 percent in pre-opening trading.
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