Citigroup Inc (C.N) reported a better-than-expected quarterly profit on Monday as credit losses slowed and the bank set aside much less money to cover bad loans.
Analysts said the results were mixed. Revenue rose slightly from a year earlier but fell from the second quarter, and the bank dipped into reserves to cover bad loans. Investors expressed concerns about how a widening foreclosure crisis could affect the bank's earnings.
"Earnings are OK and revenues are light, but the key will be their comments on foreclosures," said Michael Holland of Holland & Co in New York.Read more
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