Citigroup's 2Q profit rises 18pc
Monday, 23 July 2007
NEW YORK, July 22 (AP): Citigroup Inc. said Friday its second-quarter profit rose 18 per cent on strong overseas operations that led to record revenue for the biggest US bank.
Rival Wachovia Corpora-tion also saw a double-digit jump in quarterly earnings, but both banks saw shares decline as they padded their provisions for loans that go sour - a move many other banks have made as they gird themselves for a shakier credit environment.
Rival Wachovia Corpora-tion also saw a double-digit jump in quarterly earnings, but both banks saw shares decline as they padded their provisions for loans that go sour - a move many other banks have made as they gird themselves for a shakier credit environment.