Citigroup Narrows Loss, Topping Forecasts
Citigroup reported a first-quarter loss that was narrower than analysts expected Friday and said its Tier 1 capital ratio improved dramatically compared with the same period of last year.
 |
Citigroup's [C 4.01 
0.04 (+1.01%) 
] loss per share was 18 cents in the first three months of the year, compared with a loss of $1.03 a share in the year-ago period.
On average analysts predicted a loss of 34 cents a share.
The bank's Tier 1 capital ratio was around 11.8 percent versus 7.7 percent in the first quarter 2008, Citigroup said in a statement.
Revenue rose 99 percent from the first quarter of 2008 to $24.8 billion, driven by strong results in the Institutional Clients Group, the bank said.
The company said income available to shareholders was lowered by 24 cents a share from the conversion price of the $12.5 billion convertible preferred stock issued in a private offering in January last year.
0 comments:
Post a Comment