Citigroup posts $101 mn Q3 profits; credit loss at $8 bn
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Last Updated: Thursday, October 15, 2009, 21:10
New York: Banking behemoth Citigroup has posted profits of USD 101 million for the third quarter, even as the partially US government-owned entity saw its credit losses remain at high levels.

Citi has swung into the black in the latest quarter as compared to a loss of USD 2.82 billion in the corresponding period a year ago.

However, the continuing credit losses which stood at USD 8 billion has cast a shadow on the health of the banking major which has been severely hit by the financial meltdown. Further, Citi had profits to the tune of USD 4.28 billion in the second quarter of this year.

In a statement, Citi said third quarter profit stood at USD 101 million, while shareholders have incurred a loss of 27 cents per share.

"During the third quarter, Citigroup completed its previously announced exchange offers. This resulted in an USD 851 million after-tax gain, but also in a USD 3.1 billion reduction in income available to common shareholders, resulting in an incremental net USD 0.18 loss per share.

Citi's India-origin Chief Executive Officer Vikram Pandit said with the completion of the exchange offers and the "significant actions taken during the last few quarters have created a strong foundation".

Revenues for the September quarter soared to USD 20.39 billion as compared to USD 16.26 billion in the same period a year ago.

Bureau Report

First Published: Thursday, October 15, 2009, 21:10

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