Seems painfully obvious to me that the banks are having such a hard time making money; I see now why they have to charge for the $5 a month debit cards. It’s hurting their bottom line.
Only having your earnings go up by 3.8 billion is so weak… they need to pull it together; they have families they have to feed they can’t live on just 3.8 billion. That’s poverty to them.
I swear, if they can’t do business any better than that; they should just ask for another bail out.
October 17, 2011, 8:21 am Investment Banking
Citigroup Earnings Rise 74% to $3.8 Billion
By ERIC DASH
Jemal Countess/Getty Images for TimeVikram Pandit, chief of Citigroup.
5:14 p.m. | Updated with closing stock price.
With a big push from a one-time accounting gain, Citigroup on Monday squeezed out its seventh consecutive quarterly profit, but it faces significant challenges to growth.
Citigroup announced a third-quarter profit of $3.8 billion, or $1.23 a share, beating analyst consensus estimates of 81 cents a share. That represented a 74 percent increase from a year ago, when the bank announced a quarterly profit of $2.2 billion, or 72 cents a share.
But a big portion of that increase came from gains that will be difficult to repeat. Citigroup benefited from a paper gain of $1.9 billion, reflecting a sharp increase in the perceived riskiness of its debt — an accounting adjustment that gave JPMorgan Chase a similar earnings increase last week. Citigroup also delivered another $1.4 billion to its bottom line from money it had previously set aside to cover losses on credit cards and other loans. Together, those items accounted for more than 85 percent of the company’s earnings.
“Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results,” Vikram S. Pandit, Citigroup’s chief executive, said in a statement. In a contrast to the sober overtones when JPMorgan kicked off bank earnings season with its results on Friday, Citi executives were a bit more bullish about the broader economy.
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…And that beats all.
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