Citi profit up at $4.3 b

Citigroup Inc, reported a $4.3 billion second-quarter ended 30 June 2009 profit.
 
Quarterly revenue rose 71 per cent to $30.0 billion, with the rise due almost entirely to the Smith Barney gain as well as net write-ups.

Credit costs increased to $12.4 billion, including an addition of $3.9 billion to loan loss reserves. That brings the total allowance for loan losses to 5.6 per cent of total loans.

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