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Citigroup has announced its highest quarterly profit. The company, the world's largest financial services group, made net earnings of $5.27bn (�2.96bn) for the first three months of 2004.
The figure is a 29% increase on the $4.1bn made in the same period last year, and ahead of analyst expectations.
Citigroup's revenues rose 16% from a year earlier to $21.49bn, after chief executive Charles Prince said it had focused on its existing businesses.
Even so, the group remains ready to consider retail and other acquisitions both inside and outside America, Mr Prince said.
"Citigroup has got back to getting operating leverage where revenue grows faster than expenses in virtually every business line," said Bob Maneri, of investment management firm Victory Capital Management.
Despite the record profits, Citigroup's shares initially fell 33 cents to $50.47 in morning trading on the New York Stock Exchange.
The decline tracked that of other banks, as concern grew that recent positive economic news might trigger an early rise in US interest rates.
One-Minute World News 
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