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Citigroup has become the latest bank to report a healthier-than-anticipated first quarter, reporting a loss on Friday of 18 cents a share. Analysts had forecast a loss of 34 cents a share.
The bank booked $7.3 billion in net credit losses for the quarter, but its Tier 1 capital ratio remained unchanged at 11.8%, quarter-on-quater.
The bank said its 2009 first quarter was much better than last year's. It is now reporting a loss to common shareholders of $966 million after large loan losses and making dividends to preferred stockholders. Before dividends, the bank's net income came in at $1.6 billion.
Citi's Chief Executive Vikram Pandit had sparked a stock market rally last month when he said that the bank had been profitable in January and February.
Ahead of the market open the Dow Jones Industrial Average futures were up 95.8 points at 8,125.43 while Standard & Poor's 500 index futures were up 1.5 points at 865.3. Nasdaq 100 index futures were up 43.6 to 1,670 points.
The Associated Press contributed to this article.