Citigroup delivers surprise $4.3 billion profit

Citigroup surprised Wall Street Friday as the embattled banking giant reported a $4.3 billion profit in the second quarter.

But the results were boosted largely by a $6.7 billion after-tax gain related to the completion of its sale of a majority of its Smith Barney wealth management division to Morgan Stanley (MS, Fortune 500).

On a per share basis, the company said it earned 49 cents a share. Analysts were expecting the beleaguered New York City-based bank to record a loss of $1.07 billion, or 37 cents a share.

Citigroup CEO Vikram Pandit said that the latest results signaled that the company's turnaround efforts were finally starting to take hold, but acknowledged that there was still much work to be done, particularly in the company's consumer-related businesses.

Read Full Article from CNNMoney.com

- Posted: 2009-07-17 10:08:05

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