For the first time in 18 months, Citigroup (C) earned a profit. The bank made $1.59 billion in the first quarter. For last year’s first quarter, they lost $5.11 billion.
The bank had a private stock offering so the money that actually went to shareholders was a loss of $966 million or 18 cents a share. Wall Street was expecting a loss of 34 cents a share. I still have Citigroup rated as “C – Hold.”