CAIRO: Citigroup, the US banking giant, reported on Monday its results of 1st Quarter of 2012, on a profit of 2.9$ billion, a slightly down from 2011, as its branches in north America supported its gains against expected deeper losses, according to analysts. “The company was operating in an improved environment,” said Vikram Pandit, Citi's Chief Executive Officer, in a press release. “Global Consumer Banking, our largest business, produced another quarter of good growth in revenues, net income and key drivers like loans and deposit” he added. The company's consumer business saw a 10 percent drop in revenues from Europe, the Middle East and Africa, profits in Latin America also slumped. “The 1st Quarter of Citigroup in Egypt wasn't likely to boost the revenue of the group, but an unexpected surge in revenues in North America enhanced the 1st Quarter results”, a private source in Citigroup Egypt told Bikyamasr.com A 41% increase in North American consumer banking revenue helped see the bank post respectable. According to previous expectation from analysts, bigger losses were awaiting for the giant group.
