Citigroup loses $2.5 bn in second quarter

July 18th, 2008 - 9:21 pm ICT by IANS  

New York, July 18 (DPA) In figures which were better than analysts’ projections, US banking giant Citigroup Inc reported Friday it lost $2.5 billion in the second quarter amid credit losses and write-downs in the troubled financial market. The largest US bank said it had to make write-downs of $7.2 billion, while credit losses came to $4.5 billion in the ongoing turmoil and economic downturn in the US.

The red-ink results came on revenues of $18.7 billion, down 29 percent year-on-year.

The second-quarter operating loss of $2.22 billion was somewhat better than analysts’ forecasts, some of which had foreseen Citigroup losing upwards of $2.8 billion or more, US media reports said.

Citigroup became the latest major US financial house this week to announce further problems in the second quarter. On Thursday, Merrill Lynch reported losses of $4.8 billion, while JPMorgan Chase reported a 53 percent plunge in profits, to $2 billion.

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