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Citigroup reported higher profit for Q3 2011

The U.S. bank Citigroup Inc announced higher profit in the third quarter, having to cover bad loans were allocated fewer funds. The net profit for the period amounted to 3.77 billion USD or 1.23 USD per share, which is a considerable increase on an annual basis, for the same period a year earlier, profit was 2.17 billion USD, or 72 cents per share.
The value of 39 cents per share came from profit of 1.9 billion USD before taxes, received from the increase in credit spreads during the quarter. The bank, which received two rescue package by the U.S. government in the midst of financial crisis, managed to reduce its portfolio of bad loans as non-performing loans fell to 7.95 billion USD from 12.46 USD dollars for the same quarter of previous year .
Since the beginning of the year the value of the shares of Citigroup fell 40% in line with the drop in prices of securities of other large U.S. banks.