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Citigroup posts 31 percent rise in profits

  • Citigroup reported a 31 percent rise in first quarter profits to $3.8 billion on Monday, beating analysts' forecasts.

    The bank’s profits were $1.23 a share. Analysts had predicted a figure closer to $1.17 a share.

    The strong figures are the result of a solid performance at its securities and investment banking divisions.

    Citigroup, the third largest bank in the U.S., said revenues at its securities trading and investment banking arms had increased by 31 percent to $6.98 billion in the first three months of the year.

    The results were also boosted by the release of funds set aside by Citigroup for bad loans.

    The results are the first under Citigroup's new chief executive, Mike Corbat, who replaced Vikram Pandit after he stepped down last year.

    Tagged as: Citigroup, loan, loans, business news