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Citigroup reports surprised earnings

Published: 19/07/2009 05:00

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Citigroup Inc. reported surprised earnings Friday thanks to the sale of its Smith Barney unit to Morgan Stanley.

People walk outside of the headquarters of Citigroup in Manhattan of New York, the United States, July 17, 2009. Bank of America and Citigroup became the latest megabanks on Friday to report large profits in the second-quarter, beating the analysts’ forecasts. Some major financial companies including Goldman Sachs and JPMorgan Chase & Co. also posted lofty second quarter profits early this week. (Xinhua/Shen Hong)

Citigroup, the fourth big U.S. bank to report strong results for the quarter, earned 3 billion U.S. dollars, or 49 cents per share, after paying preferred dividends.

The New York-based bank, which has received 45 billion dollars from the government, lost 2.59 billion dollars, or 55 cents per share, during the same quarter last year.

Citi’s profit was driven by the sale of a majority stake in its Smith Barney brokerage unit to Morgan Stanley.

Meanwhile, the bank is facing mounting loan losses as the recession continues. According to the quarterly report, Citi has set aside 12.68 billion dollars to cover loan losses during the second quarter, compared with 7.1 billion dollars in the same period last year.

VietNamNet/Xinhuanet

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