Citigroup posts $2.7bn profit for second quarter

19 July 2010

Citigroup posted a second quarter profit of $2.7 billion, official figures from the bank have revealed.

The sum, equivalent to nine cents per share, was 37 per cent lower than the $4.28 billion or 49 cents per share recorded during the same period last year.

According to the financial services provider, revenue reached $22.1 billion and was $3.4 billion lower than the figure for the second quarter of 2009 due to lower revenue from its Securities and Banking and Special Asset Pool.

Vikram Pandit, chief executive officer of Citi, said: “I am pleased that we have produced solid operating results for the second consecutive quarter.

"We continue to execute our strategy of serving clients with our unique global footprint in both the developed and emerging markets. Most importantly, Citi's quarter-million people around the world are working tirelessly for our clients and shareholders.”

Further findings from the bank showed that it removed $1.5 billion from its loan loss reserves during the period.

The statistics also revealed how Citi has continued to divest itself of assets from non-core businesses.

Citi Holdings has seen its assets under management reduced by $362 billion since the first quarter of 2008.

By Jim Ottewill

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