Citigroup delivers strong second quarter earnings, misses expectations

The New York City-based financial intermediary, Citigroup, today announced earnings for the second quarter of 2010.

The bank reported total revenue of $22.1-billion, and a strong $2.7-billion ($0.09 per share) net profit for the period, marking the second straight quarter of consecutive growth.

Net earnings topped The Street’s expectations, but the Citigroup stock (NYSE:C) is trading more than 3.70-percent down to about $4 per share as actual revenue missed expectations.

 Compared to the same period in 2009, the company recorded a $4.3-billion profit.

The company’s Tier 1 capital ratio was strong and above federal requirements at 12-percent in the period, up marginally from 11.3-percent from the first quarter of 2010.

The strong earnings in this quarter reflect significant declines in provisions for loan losses.

Citigroup reported total loan credit losses of $8-million, marking a 5-percent decline from the same period in the last fiscal year.

Provisions for loan losses improved for the fourth straight quarter.

As Citigroup continues to strengthen financially, the U.S. Treasury is continuing to lower its total stake in the company after it gained significant shares during the financial crisis part of a bailout program. The U.S. Treasury recently announced it would sell 1.1-billion shares today at fair value.

tag TAGS: ,
Short URL:
b2p Ensure that you follow us on Twitter and Like us on Facebook
Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
We are perfectly committed to the highest ethical and professional codes of conduct and standards in the industry on a firm wide basis. Learn more about us, our contributors, and our governance
We encourage you to comment. Comments are moderated. Comments that are abusive, off-topic, have marginal substance, or include promotional content will be removed. We cannot facilitate requests to edit or remove comments, or explain moderation decisions
  • Henweekendsnet

    lund bosda

  • Mouli Cohen

    They should double their efforts then to reach their expected mark.

  • Mouli Cohen

    They should double their efforts then to reach their expected mark.

Business 2.0 Press publishes exclusive business tech news and analysis covering start-ups to large-caps from Bay & Wall streets since 2008 from a group of highly knowledgeable industry professionals that abide by the toughest industry codes of conduct and professional standards lightMore

lightAdd value by subscribing (RSS)

logo has the most stock ratios for public companies. Get the most comprehensive micro insight on public firms available on the web, all for free.
Stock Fractionsgo


Colon cancer is one of the leading causes of death. Irrespective of family history, everyone is exposed to the risk. About 90% of colon cancer cases begin from non-cancerous tumors, polyps, which could form in the large bowel. Screening with a colonoscopy will painlessly remove any polyps hence almost entirely reducing your risk of developing the horrible disease. The good news is that about 90% of colon cancer cases are preventable through a simple (yes, simple) colonoscopy.
Learn moreatom
Public service message from Business 2.0 Press