Bank of America and Citigroup have both posted better than expected quarterly results, achieving profits of $3.2 billion and $4.28 billion respectively for the April to June quarter. The results follow unexpectedly positive results from Goldman Sachs and JP Morgan, though Bank of America's profit did represent a 5.5 per cent decline on the previous quarter. A sharper decline in profits had been expected, though Bank of America chief executive Kenneth Lewis was quick to warn that troubled times still lie ahead. Both banks warned of continuing losses on consumer loans, as borrowers default on credit card and mortgage repayments .
Citigroup's results were heavily influenced by the $11.1 billion sale of its Smith Barney brokerage, and without this revenue, results would have looked much bleaker following their $2.5 billion quarterly loss earlier this year. Citigroup has been one of the hardest hit banks by the credit crisis, having received a $45 billion bail out from the US government. Bank of America is another of the worst affected institutions by the credit crunch, and was warned by the US government earlier this year that it needed to raise $33.9 billion to survive the crisis - more than any other bank.
Banks Post Positive Results
Financial Services > e-banking > Banking news
Banks Post Positive Results
Mon, 20 Jul 2009
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