18 Jan '11, 4pm

Citigroup posts first year of profit since crisis

NEW YORK: Citigroup announced on Tuesday that it returned to profit in 2010, after a turbulent period for what was once the world's largest bank. Posting a net profit of $10.6 billion for the year, rebounding from the loss of $1.6 billion in 2009, Citi's top executive lauded a year of "milestones". "2010 was a year full of milestones and was critical for the turnaround of this institution," said Vikram Pandit. "Our goal was to achieve consistent profitability and I am very pleased that with our fourth consecutive profitable quarter, we earned $10.6 billion for the year." Citi in the fourth quarter posted a profit of $1.3 billion compared to a loss of $7.6 billion in the same period a year before, despite falling revenues. That was slightly less than analysts had expected. Citi is still feeling the impact of the 2008 economic crisis. Troubles continued at Citi Holdings, whi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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