Monday, April 19, 2010

Banking Giant Returns to Profitability - Citi Group Reports Great Earnings Report

The financial storms that encased the economy in this recession seems to be burning away in light of the positive earnings results being reported by the big banks. This new day for banking giants just got a little brighter in light of the reported earnings issued by Citi Bank.

Last earnings report from Citi had them cemented in the red ink ledger and all was still gloom for the bank as it continued to cut back business operations such as retail banking.

However this earnings season had a different tune. Citi recorded rather impressive profits.

Citi Bank reported earnings

  • 25.4 billion from $24.5 billion in revenue from the year prior
  • $ 0.15 earnings per share
  • Credit quality and credit accounts in credit card portfolio improving
These numbers put up by Citi even beat out both JP Morgan & Chase and Bank of America Profitable earnings reports. They had results of 3.4 billion and 3.2 billion respectively.

Despite the incredible News from Citi the stock has put up a comparatively modest bump due to investor worries caused by the SEC allegations against Goldman Sachs.

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