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.
The results beat market expectations and Citi shares were up 2 per cent at $4.09 in early trading.
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