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October 18, 2010    

Citigroup unveils Q3 results

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by Kay Murchie
Citigroup unveils Q3 results

US banking giant Citigroup has today revealed a third quarter profit of $2.2 billion (£1.4 billion) - beating market forecasts and compares with $101 million in the same period a year ago.

Meanwhile, provisions for bad loans fell to $5.9 billion for the July to September period compared with $6.7 billion in the second quarter - this represented the lowest since prior to the credit crunch.

The results follow on from fellow investment bank JPMorgan, which last week kicked off the US banking reporting season by announcing a 23% increase in profits for the third quarter.

Citigroup, which is 12% owned by the US Government, said: “Achieving our third straight quarter of positive operating earnings is continued evidence that we are successfully executing our strategy and we believe we have put in place all the elements for continued profitability.”

The bank’s tier one capital ratio, a measure of financial strength, currently stands at 12.5% - down from 12.76% this time last year.

Other major US banks, including Bank of America and Goldman Sachs are all expected to report strong third quarter results during the week.

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