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Citigroup profit more than doubles

Times Wire Reports

Citigroup Inc. said profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts’ estimates and the value of subprime mortgage bonds increased.

First-quarter net income of $4.43 billion followed a loss of $7.58 billion in the fourth quarter and a profit of $1.59 billion in the first quarter of 2009, New York-based Citigroup said. Adjusted earnings were 14 cents a share. Analystshad estimated the company would break even.

The bank’s assets rose 8% to $2 trillion, after accounting rule makers closed a loophole that let banks keep credit-card loans and other debt instruments off their balance sheets.

Revenue from continuing operations fell 5.8% to $25.4 billion, while consumer-banking revenue rose 3.1% to $8.08 billion, Citigroup said.

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