Citi posts $4.28 bn profit for Q2

From near bankruptcy late last year,Citigroup posted swung into profit of $4.28 bn.

From near bankruptcy late last year,banking behemoth Citigroup posted swung into profit of USD 4.28 billion for the second quarter riding on stake sale in group company Smith Barney brokerage.

In the year-ago period,the company had a loss of USD 2.49 billion,Citigroup said in a statement.

Revenues for the second quarter surged 71 per cent to USD 30 billion from USD 17.5 billion in the same period last year.

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“These results include an USD 11.1 billion pre-tax (USD 6.7 billion after-tax) gain associated with the Morgan Stanley Smith Barney joint venture transaction,which closed on June 1,2009,” the company said.

India-born Vikram Pandit-led Citi has already received three lifelines,including USD 45 billion in fresh capital from the US Federal Government to tide over the financial turmoil.

“Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan,” Citigroup CEO Pandit said.

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Rahul Gandhi attacks EC: What happened in Aland, who can delete names from electoral roll

Explained14 min ago

Rahul Gandhi accuses Chief Election Commissioner of protecting those attacking Indian democracy. He cites the alleged deletion of 6018 votes in Karnataka's Aland constituency during the 2023 election. EC responds, saying irregularity was caught and complaint filed. BLOs can delete names from electoral roll, but verification process required. Form 7 used, with opportunity for objections.

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