Citi records first profit in six quarters

View an online version of this email here.  All times are London time: Friday Apr 17 2009 Breaking news Citi records first profit in six quarters Citigroup reported its first profit in six quarters, joining rivals in benefiting from a rise in trading activity. The US bank said on Friday it made a net profit of $1.6bn compared with a net loss of $5.1bn a year earlier, marking its highest earnings since the second quarter of 2007. Revenue doubled to $25bn amid a boom in trading fixed income and equities. Writedowns of toxic assets were a fraction of last year's in part because of a change in fair-value accounting rules. Earnings from the securities division were offset by steep declines from credit cards and a deficit in consumer banking because of loan losses as a global recession deepens. Read more » ABOUT THIS EMAIL You have received this email because you have signed up for this briefing on FT.com Manage subscriptions | Unsubscribe | Change your email address Change whether you receive this email as HTML or plain text | Forward this email to a friend Privacy policy | Advertise | Contact © Copyright The Financial Times Ltd 2009. "FT" and "Financial Times" are trademarks of the Financial Times. The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.