Citigroup Profit Beats Analysts’ Estimates (Bloomberg)

[chill_wind]

Citigroup Profit Beats Analysts’ Estimates
By Donal Griffin -
7-15-11

Citigroup Inc. (C), the third-biggest U.S. bank, said profit rose 24 percent, beating analysts’ estimates on higher investment-banking fees and fewer losses tied to troubled assets.

Second-quarter net income was $3.34 billion, or $1.09 a share, compared with $2.7 billion, or 90 cents, in the same period last year, New York-based Citigroup said today in a statement. The average estimate of 23 analysts surveyed by Bloomberg was for earnings per share of 96 cents.

A 61 percent gain in investment-banking revenue at Citigroup, led by Chief Executive Officer Vikram Pandit, 54, mirrored the results JPMorgan Chase & Co. (JPM) reported yesterday. Losses fell at Citi Holdings, the unit that includes distressed assets Pandit wants to sell. The results countered a decline in trading revenue from the first quarter and allowed Pandit to post a sixth straight profitable quarter.

(snip)

Bank of America may report a profit of $3.08 billion excluding mortgage-related costs on July 19, the Bloomberg survey shows. Wells Fargo & Co. (WFC), the largest mortgage lender, may say it earned $3.75 billion when it announces results the same day.

more:
http://www.bloomberg.com/news/2011-07-15/citigroup-profit-beats-analysts-estimates-on-higher-investment-bank-fees.html

[PoliticAverse]

1. Your bailout dollars at work... n/t

[woo me with science]

2. Thieves. nt

[chill_wind]

3. "Suck it up and cope", losers!

Yes, "Suck it up and cope" -- that is what billionaire Charlie Munger said that the unemployed, the homeless and the impoverished should do as their lives are torn apart by the recession.

Of course, had he said the same thing about bailed-out banks, his now-infamous line might have just seemed like the innocuous rant of a crotchety geezer who might be a little too zealous about old-school principles. But no, Munger made the remark during a 2010 speech to University of Michigan students in which he first lauded bankers as people who "saved your civilization" and then urged all Americans to bow down and "thank god" that the bailouts preserved the financial industry's profits.

Sirota's Top Ten slideshow- "Let Them Eat Cake!"

http://www.salon.com/news/david_sirota/2011/07/13/great_recession_elitism_slideshow/slideshow.html

[chill_wind]

4. Kickin.. Don't want all this good news of shared sacrifice

to get lost, do we?

[thewiseguy]

5. Did not they return the bailout money?

[chill_wind]

6. Are they lending? In the meantime...

The Bailout Scorecard

Our frequently updated database tracks every dollar and every bailout recipient. Below is a summary generated from the latest numbers. (Here's a rundown of the bailout info our site offers.)

The Treasury Department is authorized to spend a maximum of $475 billion on the TARP (In July 2010, the financial regulation overhaul reduced TARP’s spending cap to $475 billion from the original $700 billion.)

Altogether, accounting for both bailouts, $573 billion has gone out the door—invested, loaned, or paid out—while $271 billion has been returned.

The Treasury has been earning a return on most of the money invested or loaned. So far, it has earned $61 billion. When those revenues are taken into account, $241 billion is the net still outstanding as of Jun. 27, 2011.

http://projects.propublica.org/bailout/main/summary

[Bryn]

7. Kick