Fitch Comments on Citi's (C): Q2 Results Shows Financial Progress in Key Areas

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Fitch comments on Citi's (NYSE: C) Q2 results today, saying the company has shown continued progress in key areas and were generally in-line with expectations.

Loan portfolio quality, non-core asset levels and capitalization, increased deposits and a sufficient level of liquidity were all positives.

As far a securities trading and business banking, Fitch noticed a decline from a more robust 2011, but sees the overall market conditions being tougher. All together, Citi's results were solidly profitable and risk was reduced.

Citi still has a large level of problem loans, but quality loans are continuing to improve.

Citi's capital ratios continued to strengthen with notable progress on the Basel III front. Citi's Tier I common ratio of 12.7% (under Basel I) will likely continue to compare favorably to the average of the four largest U.S. banks (not all have reported yet).

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