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Citigroup made $US2.9bn in Q1

Reported by AAP
Monday, April 16, 2012
Super-rich getting richerThe world's super-rich could actually be wealthier than anyone first thought.

Citigroup is reporting a profit of $US2.9 billion ($A2.81 billion) for the first three months of the year.

The bank says it collected record revenue from processing international transactions by other companies. It was hurt by an accounting charge of $US1.3 billion as the value of its debt increased.

The bank says it earned 95 cents a share in the first quarter, falling short of estimates of $US1.01 per share from analysts surveyed by FactSet.

As more of its customers paid back their loans on time, the bank was able to take a profit of $US1.2 billion from the reserves it had set aside for losses.

03/09/2014 04:55Sydney, Australia. 3 September,2014
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