Citigroup posts $2.2b profit, tops expectations

15:12, 19 October 2010

NEW YORK. October 19. KAZINFORM Citigroup Inc reported a third consecutive quarterly profit on Monday, slightly beating expectations, as losses slowed and the bank set aside less money to cover bad loans; Kazinform refers to China Daily.

But Citigroup had trouble generating new business during the quarter as low trading volumes cut into its securities and banking operations. Revenue rose slightly from a year earlier but were the lowest of any quarter this year at $20.7 billion.

"Earnings are OK and revenues are light, but the key will be their comments on foreclosures," said Michael Holland of Holland & Co in New York.

The bank's shares were up 1.8 percent at $4.02 in premarket trading after closing at $3.95 on Friday.

The third-largest US bank by assets posted a third-quarter profit of $2.2 billion, or 7 cents per share, compared with a year-earlier loss to shareholders of $3.2 billion, or 27 cents per share.

Analysts on average had expected a profit of 6 cents a share, according to Thomson Reuters I/B/E/S; Kazinform cites China Daily.

See www.chinadaily.com.cn for full version

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