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One of the worst beaten banks in the US recession, Citigroup, today announced its first quarter 2010 earnings. Accordingly, the company made revenues of $25.4 billion or an equivalent net income of $4.4 billion. Profit was the highest since the second quarter of 2007 as bad-loan costs fell 16 percent to $8.37 billion.
Citigroup’s first quarter revenue 2010 revenue of $25.4 billion was up 41.89% Qaurter over Quarter while its expenses decreased 6% Quarter over Quarter to $11.5 billion.
Out of the $25.4 billion 1st quarter 2010 revenues of Citigroup, its main banking arm Citicorp made $18.5 billion, up 35% Quarter over Quarter. Citicorp’s operation in EMEA generated the most revenue with 64%. This was followed by its North American and Asian operations with 58% and 23%, respectively. Meanwhile, its Latin America operations registered 8% decline.
“We are proud of our first quarter results but remain cautious about the environment, given the uncertain economic recovery and high unemployment in the U.S. Realistically, we do not expect our performance to follow an invariable trend-line upward. Longer-term, however, the prospects for Citi are clear and bright. And our first quarter of this year has given us the best glimpse yet of the potential of America’s global bank”, said Citi’s Chief Executive Officer who is taking a $1 annual salary until the bank consistently turns profitable.
For the full Citigroup first quarter 2010 earnings results, you can visit Citigroup’s website here.