July 15, 2003	Tuesday	Jumadi-ul-Awwal 14, 1424

NEW YORK, July 14: Citigroup, the world’s biggest financial group, reported on Monday a modest rise in quarterly net profit as soaring demand for mortgages helped boost revenues to a record high.

Net profit in the three months to June 30 rose 5.3 per cent from a year ago to $4.30 billion or 83 cents a share, beating Wall Street’s forecast for a profit of 80 cents a share.

Revenue rose 7.6 per cent to $19.4 billion.

“Citigroup’s performance this year continues to be outstanding,” chairman and chief executive Sanford Weill said.

He noted that in the second quarter of 2002, results had included profits from the Travellers Property Casualty insurance group, which had since been floated to shareholders.

Excluding that effect, income from continuing operations actually rose 12 per cent to $4.30 billion, the group said.

Demand for new and refinanced mortgages, powered by rock-bottom interest rates, boosted profits.—AFP