Financial Report Financial reports from the largest companies of the world

Citigroup reported 3 billion USD profit for the first quarter of 2011

The third-largest U.S. bank Citigroup reported 32 percent drop in profit for the first quarter, which however was higher than market forecasts. The net profit for the financial giant is estimated at $ 3 billion, or 10 cents a share, for the three months to the end of March. A year ago it was the amount of 4.43 billion dollars, or 15 cents a share. The average forecasts of market analysts was for net earnings per share of 9 cents. The revenues of the financial giant fell to 19.7 billion dollars compared with 25.4 billion dollars a year. The Citigroup lost a total of 29.3 billion dollars in 2008 and 2009 during the global financial crisis, but in the last five quarters has been profitable. The analysts said the bank's net profit will reach 9.85 billion dollars for the entire 2011. The Citigroup's recovery from heavy losses came after losses on problem loans began to decline and the bank began to set aside fewer provisions to cover them. Citigroup, which received the largest government grant among U.S. banks in late 2008, has lost 6.6 percent of its market capitalization this year. In 2010, however, shares of the bank rose 15 percent. Citigroup plans to invest in expanding services for consumer banking, mainly in emerging markets, including Chile, Brazil, Colombia, Mexico and Peru.
The largest U.S. bank by assets Bank of America announced 2.05 billion profit last week, while the second-largest bank JPMorgan reported 5.56 billion profit for the first quarter. Later this week leave and financial results of Wells Fargo, which is the fourth largest bank in the country.