Friday, July 17, 2009

Citigroup Makes $3 billion Profit in the Second Quarter

Citigroup has become 5th profit making large bank in the second quarter. It has made $3 billion profit in the second quarter. The market analysts had earlier predicted a huge loss in the quarter. The analysts had predicted that they are going to face 37 cents per share loss but in reality they have given profit of 49 cents per share.

In 2008 second quarter it has faced loss of $2.86 billion. The bank recently made profit of $6.7 billion after selling its majority stake at Smith Barney brokerage unit. The value of its some assets also recovered their older value of pre recession time.

This bank was considered as worst hit bank by the recession and credit crisis. The government has already given some fund as stimulus to it and the fund is now working wonder.