Citigroup Surprised Wall Street & Makes a Profit of $3 billion

9:48 AM Posted by Jason

citi bank logoCitigroup has registered $3 billion profit the quarter II. Earlier the market predicted a loss for the bank.

Now Citibank has become fifth big bank to make a profit in the quarter. The bank made profit of $3 billion or 49 cents per share after paying the dividends. In 2008 quarter II the bank had faced loss of $2.86 billion. Some times ago the market analysts had forecast that the bank was heading for a loss of 37 cents per share.

But the bank has proved all of them wrong. The group made $6.7 billion profit after selling its majority stakes at Smith Barney. The bank has also been able to recover some good value of its assets that were lost during recession. This New York based bank was one of the worst hit financial institutions by the credit crunch and recession. It has got stimulus fund from the government also and the fund is now showing its effect.