Citigroup reports profit of $4.4 Billion
After nearly two years of being drenched in red ink, Citigroup provided the strongest signs yet that the much-troubled bank is beginning to recover as it reported a $4.4 billion profit in the first quarter.
Vikram Pandit, chief executive of Citigroup, shown testifying before a congressional panel last month. On Monday, he said the company was proud of its first-quarter results, but remains “cautious about the environment.”
The results, which beat analyst expectations and were the highest since the housing crisis began, was a result of the resurgence in the bond market and improvements in the economy, particularly overseas. Both play to Citigroup’s strength as a major player in fixed income and emerging markets, and come as some of its rivals benefited from similar trends. JPMorgan Chase and Bank of America both reported big first-quarter profits from hefty trading earnings and from adding less money to their loan loss reserves.