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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.

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Citigroup posts material Q4 losses resulting in 2009 loss

Citigroup has posted its Q4 2009 earnings, reporting a massive $7.6-billion loss ($0.33 per share) in the quarter. Compared to Q4 2008, Citigroup reported a $17.3-billion loss ($3.40 per share).

For the fiscal year ended 2009, Citigroup posted a $1.6-billion loss.

Citigroup generated $5.4-billion in total revenue for the quarter, or $15-5-billion excluding direct charges incurred from repayments to the U.S. Treasury’s TARP program.

The U.S. Treasury currently owns 27-percent of Citigroup.

Citigroup CEO Vikram Pandit said today in a statement that the bank had made “enormous progress in 2009,”

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