Citigroup posts profit of $4.4bn during first quarter

20 April 2010

Citigroup recorded a profit of $4.4 billion during the first three months of the year.

Official figures from the investment bank revealed that it saw revenue of $25.4 billion, up $7.5 billion from the previous quarter.

Figures excluded pre-tax loss from the Troubled Asset Relief Program (TARP) and its exit from a loss-sharing agreement with the authorities in the US.

The profit of $4.4 billion, or the equivalent of $0.15 per share, is thought to be its best result for two years.

Vikram Pandit, Citi's chief executive officer, said: “Citi today is fundamentally a very different company from what it was only two years ago.”

“With its financial strength, strategic clarity, efficiency, world-class business talent, and unique global footprint, Citi is well positioned to benefit from the key drivers of economic growth in developed and emerging markets.”

He added: “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. Realistically, we do not expect our performance to follow an invariable trend-line upward.”

Citigroup used $45 billion worth of funds via the US government’s TARP.

By Jim Ottewill

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