BIG BANKS REPORT BILLIONS IN PROFITS
April 15, 2004
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Citigroup Inc. and other big U.S. banks today reported higher first-quarter profit, as a recovering economy resulted in more consumer borrowing and fewer bad loans, Reuters reported.
Citigroup said profit rose 29 percent to a record $5.27 billion. Profit in the bank’s global consumer business rose 21 percent to $2.58 billion. Retail banking income rose 21 percent to $1.12 billion, credit card income rose 37 percent to $980 million and consumer finance income rose 13 percent to $567 million.
