Citigroup's profits soar to record $5.27 billion

Citigroup and other big US banks today reported higher first-quarter profit, as a recovering economy resulted in more consumer…

Citigroup and other big US banks today reported higher first-quarter profit, as a recovering economy resulted in more consumer borrowing and fewer bad loans.

Citigroup, the world's largest financial services company, said profit rose 29 per cent to a record $5.27 billion. Profit also rose at Ohio's three largest banks - 10 per cent at National City Corp, 10 per cent at Fifth Third Bancorp and 15 percent at  KeyCorp.

Citigroup's net income rose to $5.27 billion, or $1.01 per share  from $4.1 billion, or 79 cents per share, a year earlier. Excluding a one-time gain, profit totaled 98 cents per share.

In a statement chief executive, Mr Charles Prince, said results "reflect a focus on increasing customer volumes while maintaining expense discipline and improving credit performance" as economies worldwide improve.