citis-asia-results-up-on-q4-but-not-like-last-years

Citi's Asia results: up on Q4, but not like last year's

The bank reports a net profit of $1.6 billion for the first quarter, but the common stockholder doesn't get a share of the earnings.

On Friday, Citi reported a net profit for the first quarter of $1.6 billion -- a significant improvement from the $17.3 billion loss it made in the fourth quarter last year and the $5.1 billion loss in the first quarter of 2008. But for the common shareholder it still amounted to a loss per share of $0.18. The bank's Asia results were also certainly better than the fourth quarter of last year, but on a year-on-year basis, the firm still has some catching up to do to match 2008.

The loss for common shareholders is because the bank had to cut out the $1.3 billion it paid to reset the conversion price of preferred...

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