Citigroup is back !

Citigroup (C 4.17, +0.22) reported a better-than-expected quarterly profit yesterday as credit losses slowed and the bank set aside much less money to cover bad loans.
 
Citigroup not only posted bigger-than-expected bottom line results, but also reported reduced credit provisions. That, along with a good conference call, helped overshadow a light revenue figure.

Like stronger competitor JPMorgan, Citigroup beat 3Q earnings expectations in part by releasing money it had set aside to cover bad loans.

The third-largest US bank by assets posted a 3Q profit of US$2.2 billion (RM6.8 billion), or seven cents per share, compared with a year-earlier loss to shareholders of US$3.2 billion, or 27 cents per share.

On an ongoing basis, excluding an US$800 million pre-tax loss on the sale of its student lending operations, Citigroup earned US$2.6 billion, or eight cents per share. Revenue was the lowest of any quarter this year at US$20.7 billion.