Citigroup profit rises on smaller loss from troubled assets
First-quarter adjusted net income rose to $4.15 billion, or $1.30 a share, from $4 billion, or $1.29 a share a year earlier, the third-largest US bank said on Monday
Citigroup Inc's quarterly net profit rose four per cent as a smaller loss on its troubled assets made up for a drop in revenue and profit from its core trading and lending businesses.
First-quarter adjusted net income rose to $4.15 billion, or $1.30 a share, from $4 billion, or $1.29 a share a year earlier, the third-largest US bank said on Monday. Total net income under Generally Accepted Accounting Principles rose to $3.94 billion, or $1.23 a share, from $3.81 billion, or $1.23 a share.
Citigroup shares rose 3.8 per cent to $47.43 in trading before the bell, clawing back some of the nine per cent loss since the Federal Reserve rejected its capital plans on March 26.
First-quarter adjusted net income rose to $4.15 billion, or $1.30 a share, from $4 billion, or $1.29 a share a year earlier, the third-largest US bank said on Monday. Total net income under Generally Accepted Accounting Principles rose to $3.94 billion, or $1.23 a share, from $3.81 billion, or $1.23 a share.
Citigroup shares rose 3.8 per cent to $47.43 in trading before the bell, clawing back some of the nine per cent loss since the Federal Reserve rejected its capital plans on March 26.