Citigroup’s Profit Down 12%, but Beats Estimates |
| New York Times - Jul 16, 2012 |
Citigroup on Monday reported that both its revenue and profit fell in the second quarter, underscoring the anemic economic environment financial institutions face both here and abroad.
While the results came in ahead of what analysts had forecast, net income dropped 12 percent while revenues were down 10 percent from the same quarter a year ago.
The bottom line, however, was helped by lower credit losses and tight controls on expenses, which has been a major goal of Citigroup’s chief executive, Vikram Pandit.
Expenses were down 6 percent from the second quarter of 2012 while credit losses fell 31 percent.
“In short, we are on top of the things we can control,” Mr. Pandit said during a call with analysts on Monday. “We are managing our expenses closely and making sure we are right-sized for the environment we anticipate.”
Read Full Article from New York Times
- Posted: 2012-07-16 15:13:07
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