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Citibank announces profit! :-)

Posted on: April 17, 2009

Citibank announces  that this quarter was their best since 2007


So finally they did it. Is it the Pandit’s effect or sheer luck, careful trotting, default recoveries, sharkish strategies or natty implementations, Citibank has done what many other banks desired to. After a lot of back-rubbings, monetary rescues, bearing heavy loses, Citibank, for an invigorating respite, announced this quarter as their best made made some profit! Phew

With a revenue of $24.8 billion, the bank managed a net income of $1.6 million, a complete reversal of commerce from the same period last year. Though it must be kept in mind as well that the new rule allows the companies to record any declined value of their debt as their unrealised gains! Funny, one doesn’t make it but claims it.

Quite clearly, the clients group that includes the investment banking unit clocked a profit of $2.83 billion after a loss of $6.3 billion last year. However, Citi’s Consumer banking had to bear a loss of $1.2 billion because of the credit defaulters, including mortgage loans. The Credit Card profit dropped by 66%, generating an income of $417 million. Just!!!! They seemed to suck every penny out of us as their interest, surprising!

The US government also have played a crucial role in this upswing thanks to a huge bail out amount, the Bank’s Tier1 ratio, which is a measure of financial strength stood at 11.8 % compared to just 7.7% a year.

The life support system by Obama administration seemed to have worked but loses are still evident and prominent. Owing to the low bank rates and economic relaxations, consumers have been
encouraged towards
mortgages and other long term loans. The government measures have definitely thawed the frozen credit market. The fluency of operation is fast becoming rife and if the trend continues the gloom will soon be doomed.! (Then who will have the time to read my blog…he he)



1 Response to "Citibank announces profit! :-)"

were is your brance located in London?And what is the Name of your director audit/account manager?

Please i will need the reply soonest

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