Austin, Tx 4/16/12 (StreetBeat) -- Citigroup Inc (NYSE: C) reported lower first-quarter profit on Monday as the bank worked to contain expenses in the face of volatile capital markets.The New York-based lender said net income was $2.93 billion, or 95 cents a share, compared with $2.99 billion, or 99 cents a share, a year earlier.
Earnings per share were $1.11 excluding the impact of accounting adjustments for changes in the value of the bank's debt and that of its counterparties.
Revenue from its ongoing securities trading and investment banking declined 12 percent from the strong quarter a year earlier, but rose 65 percent from the weak 2011 fourth quarter.
"While the operating environment improved in the first quarter, there is still much macro uncertainty and we will continue to manage risk carefully," Chief Executive Vikram Pandit said in a statement issued by the company.
Citi shares were up 59 cents, or 1.8 percent, to $34.00 in premarket trading.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.
StreetBeat Disclaimer
No comments:
Post a Comment