Citigroup Shares Rise as Profit Beats Estimates, Bad Loans Drop |
| BusinessWeek - Apr 19, 2011 |
Citigroup Inc. rose in New York trading, the only U.S. lender among the top 10 by assets to advance, after reporting profit that beat analysts’ estimates and cutting provisions for future loan losses by $3.3 billion.
Citigroup gained 4 cents, or 0.9 percent, to $4.46 in New York Stock Exchange composite trading at 2:06 p.m. First-quarter net income fell 32 percent to $3 billion, or 10 cents a share, exceeding by a penny the average per-share estimate of 21 analysts surveyed by Bloomberg.
Chief Executive Officer Vikram Pandit, 54, relied on the reduction in reserves to report the New York-based bank’s fifth profitable quarter in a row. Losses on troubled loans declined 25 percent as fewer customers missed payments compared with the same period last year. Profit at Citigroup’s trading and investment-banking businesses fell by almost half. Revenue declined in five of the six business units.
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- Posted: 2011-04-19 05:03:37
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