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Citigroup Q2 profits surge 24%

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by Kay Mitchell

US banking giant Citigroup reported a 24% rise in second quarter profits as losses were reduced from bad loans.

The bank, which is in the third largest in the US, reported net income of $3.34 billion (£2.07 billion) in the three month period to the end of June.

The results beat market forecasts and represented the sixth consecutive quarterly profit.

However, turnover was 7% lower on an annual basis but this also beat Wall Street expectations.

The bank had to be bailed out by the US taxpayer to the tune of $45 billion following the global financial crisis, but the Government sold off its final share-holding in the bank at the end of last year.

Meanwhile, in related news, fellow bank JP Morgan last week kicked off the banking reporting season with a 13% increase in profits – also better than forecasts.

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News posted: July 18, 2011

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