Citigroup Posts Profit as Bank Adds Less to Reserves

Citigroup Posts Profit as Bank Adds Less to Reserves

Citigroup the lender 34 percent owned by the U.S. government, posted a $101 million profit, defying expectations for a loss as the company added the smallest amount to loan-loss reserves in two years.

The third-quarter profit compared with a loss of $2.82 billion a year earlier, the New York-based bank said today in a statement. On a per-share basis, the company had a loss of 27 cents because of a charge related to the exchange of government- and privately held preferred shares into common stock. Eighteen analysts surveyed by Bloomberg News estimated a 29-cent loss.

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Citi stock was down 5% today at 4.73$ even though it posted profit. No trade yet, just watching.