Citigroup posts $2.2bn profit for Q3

19 October 2010

Citigroup has posted a profit for the third consecutive quarter, the bank’s latest financial figures have revealed.

According to Citi, the bank achieved a profit of $2.2 billion, the equivalent of $0.07 per share between July and September.

The figures are up on the $101 million or $0.27 per share which was recorded during the same three-month period in 2009.

At the end of the quarter Citigroup possessed $125.4 billion of Tier 1 Capital and a Tier 1 Common ratio of 10.3 per cent.

Vikram Pandit, chief executive officer of Citi, said: “Achieving our third straight quarter of positive operating earnings is continued evidence that we are successfully executing our strategy and we believe we have put in place all the elements for continued profitability.

“We remain completely focused on serving our clients with excellence and capturing the growth potential inherent in the core businesses within Citicorp, while reducing the size of Citi Holdings as quickly as economically practical.”

Further figures from the investment bank revealed that third quarter revenues fell by $1.3 billion to $20.7 billion.

The bank cited declines in its local consumer lending and securities and banking businesses as the reasons for this fall.

By Jim Ottewill

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