Citi posts $4.28 bn profit for Q2

From near bankruptcy late last year, banking behemoth Citigroup today posted swung into profit of $4.28 billion for the second quarter riding on stake sale in group company Smith Barney brokerage.

In the year-ago period, the company had a loss of $2.49 billion, Citigroup said in a statement.

Revenues for the second quarter surged 71 per cent to $30 billion from $17.5 billion in the same period last year.

"These results include an $1.1 billion pre-tax ($6.7 billion after-tax) gain associated with the Morgan Stanley Smith Barney joint venture transaction, which closed on June 1, 2009," the company said.

India-born Vikram Pandit-led Citi has already received three lifelines, including $45 billion in fresh capital from the US Federal government to tide over the financial turmoil.

"Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan," Citigroup CEO Pandit said.