Citigroup reports $4.4 billion profit for the first quarter

Citi recognized the importance of TARP in its ability to recover from losses. “We owe taxpayers a huge debt of gratitude for assisting us at a critical time,” Pandit said. “We are determined to repay this debt by continuing to build a strong company and contribute to America’s economic recovery.”

Revenues increased $7.5 billion and net income grew $5.8 billion, the highest since the second quarter of 2007, excluding the $10.1 billion pre-tax loss from repayment of the Troubled Asset Relief Program and exit of the loss-sharing agreement with the U.S. government in the final three months of last year, according to the release. 

“Realistically we do not expect our performance to follow an invariable trend-line upward,” he said. “Longer-term, however, the prospects for Citi are clear and bright. And our first quarter of this year has given us the best glimpse yet of the potential of ‘America’s global bank.'”

Citi’s news is further bolstered by Bank of America’s $3.2 billion in profits and rival bank JP Morgan’s better-than-expected profits of $3.3 billion for the first quarter, announced last week. 

The cloud over the improvements is the lawsuit filed against banking giant Goldman Sachs last week by the Securities and Exchange Commission.