Citigroup Posts Best Results In 3 Yrs; Loan Losses Improve |
| Wall Street Journal - Apr 19, 2010 |
Citigroup Inc. (C), reporting its strongest results in nearly three years, said the fallout from the financial crisis and the bank's massive strategic repositioning is settling.
The bank's $4.4 billion first-quarter profit more than doubled from a year earlier as the giant bank recorded increased revenue from investment banking and improving losses from bad loans.
"A clearer picture" about the future Citi emerges from those results, said Chief Financial Officer John Gerspach during a conference call with reporters, though he said future earnings won't improve in a straight-line fashion. Gerspach was careful not to declare the credit crisis as over.
Abroad, it is clear "that the recovery has taken hold" in both declining losses from bad loans and demand for new loans. In the U.S., Citi doesn't see strong demand and, given the lagging improvement in unemployment, probably won't see much loan growth this year, Gerspach said.
Read Full Article from Wall Street Journal
- Posted: 2010-04-19 10:31:29
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