20 Apr 2009

Quarterly net profit reported by Citigroup

6:54 am on 20 April 2009

Citigroup has reported its first quarterly net profit in nearly two years. It is the latest US bank to see an improvement in its performance.

It made a profit of $US1.6 billion in the first three months of the year - a turnaround from a $US5.1 billion loss in the same period a year earlier.

Revenue doubled to almost $US25 billion.

However, once dividend payments to preferred shareholders are taken into account, it had a loss of almost $US1 billion.