Tags:
Journalism of Courage
Citigroup Inc posted a $4.43 billion first-quarter profit as it set aside less money to cover credit losses.
The third-largest U.S. bank posted net income to shareholders of 15 cents a share,compared with a $966 million shareholder loss,or 18 cents a share,in the same quarter last year.
Citigroup,long seen as the weakest of the major U.S. banks,seems to be recovering now. In March,Chief Executive Vikram Pandit said the bank was on track to return to sustained profitability,and losses from its bad assets should be manageable if the economy does not tank.
Through Friday’s close,Citigroup shares had risen 38 percent this year,surpassing the 28 percent rise in the KBW Banks Index. As the credit outlook has improved,the shares of the banks seen as riskiest have rallied more than their peers because these lenders have more to gain from a stabilizing economy.
