LONDON (Reuters) - Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength after tough internal stress tests, Chief Executive Vikram Pandit told staff in an open letter.
The news sparked a sharp rise in Citigroup's shares in European trading. It came after the cost of insuring Citi's debt against default hit a record on Monday, and days after shares in Citi, once the world's biggest bank by market capitalization, tumbled below $1 apiece for the first time.
In the letter, Pandit said he was disappointed with Citi's stock price and "broad-based misperceptions about our company and its financial position."
"We believe our credit spreads are disconnected from our condition and are inconsistent with the government's announcements regarding support for the financial system."
In the note, Citigroup said it was having its best quarter-to-date performance since the third quarter of 2007 -- the last time it made a quarterly net profit.
Revenues excluding externally disclosed marks were $19 billion in January and February alone, almost reaching the $21 billion of the first quarter last year, although Pandit warned market volatility in March could still hit results. more...
Tidak ada komentar:
Posting Komentar