Summary Box: Citi posts $2.15 bln 3Q profit

AP News
Posted: Oct 18, 2010 2:54 PM
Summary Box: Citi posts $2.15 bln 3Q profit

RESULTS: Citigroup Inc. earned $2.15 billion in the third quarter, or 7 cents per share, beating expectations. Much of the profit came from dipping into a fund it sets aside for bad loans. The bank lost $3.24 billion a year ago.

CONTEXT: As one of the largest banks in the world, Citi's results are a gauge of the economic health of consumers worldwide. Investors were heartened to see that late payments on credit cards and mortgage loans slowed.

OUTLOOK: "We believe we have put in place all the elements for continued profitability," CEO Vikram Pandit said in a conference call with analysts.