????花旗集團(tuán)（Citigroup）正在恢復(fù)元氣，但實現(xiàn)增長還需時日,。

????日前,，世界第三大金融機(jī)構(gòu)花旗集團(tuán)公布了2012年第一季度財報，凈利潤為29億美元,，相比去年同期小幅下滑,，但經(jīng)過一系列會計調(diào)整后，這一結(jié)果還是超出了分析師們的預(yù)期,。銷售額下滑至194億美元,，不過下降幅度很小。與去年相比,，花旗集團(tuán)的許多業(yè)務(wù)都止步不前,。銀行卡的銷售額也有所下滑。經(jīng)過會計調(diào)整后,，花旗的每股收益為1.11美元,，而此前分析人士的預(yù)期為每股1美元。

????但或許更為重要的一點是,，花旗集團(tuán)本季度的財務(wù)狀況開始呈現(xiàn)好轉(zhuǎn)之勢,。上個月，美聯(lián)儲（Federal Reserve）對美國多家大型銀行進(jìn)行壓力測試時曾經(jīng)警告花旗集團(tuán),，稱這家公司手頭沒有足夠的資金來提高股息,。這個消息引發(fā)了人們的擔(dān)憂，認(rèn)為花旗銀行沒有充足的資金抵御新一輪的金融危機(jī)。不過,，該公司的第一財季財報應(yīng)該能稍稍平息人們的憂慮,。雖然其他銀行的費用都在上漲，但花旗集團(tuán)卻維持了平穩(wěn),。而且,，花旗可用于彌補(bǔ)潛在信貸虧損的資金量也增加了近10%。本財季,，花旗集團(tuán)的貸款額增加了12%,。一位分析師在為分析人士召開的電話會議上點評稱，花旗看來有能力在經(jīng)濟(jì)形勢好轉(zhuǎn)時進(jìn)一步提高貸款額,?；ㄆ斓膬糍Y產(chǎn)損失也下降了37%。

????花旗再度減少了對未來貸款虧損的準(zhǔn)備金,，批評人士稱,，此舉人為推高了該公司的收益。但花旗從這個策略中獲得的收益較之一年前已經(jīng)大大縮水,，僅為12億美元,，而在2011年同一季度，這個數(shù)字還高達(dá)34億美元,。這是該公司業(yè)務(wù)狀況改善的另一個跡象,。

????受益于抵押貸款部門的業(yè)務(wù)增長，花旗銀行的零售業(yè)務(wù)銷售額增長了37%,。在低利率政策的刺激下,，市場再融資活動頻繁，許多銀行的抵押貸款業(yè)務(wù)都實現(xiàn)了強(qiáng)勁增長,?；ㄆ煦y行的交易收入較之上季度增加了一倍以上，表明華爾街整體的金融形勢正在得到改善,。

????更為重要的是,，花旗集團(tuán)稱，假如刨去因為其放貸成本下降而不得不錄入的賬面虧損,，本季度該公司的收入和收益事實上有所攀升,。公司首席執(zhí)行官潘偉迪稱：“經(jīng)營環(huán)境在第一季度出現(xiàn)好轉(zhuǎn)，不過仍然存在很多宏觀不確定性,，我們將繼續(xù)謹(jǐn)慎管理風(fēng)險,。”

????投資者似乎對花旗集團(tuán)的財報頗為滿意,，或許他們更關(guān)注的是花旗不斷改善的財務(wù)狀況,，而并不是它的業(yè)績,，后者大多停滯不前?；ㄆ旒瘓F(tuán)的股票盤中上漲3%,，股價達(dá)到了34.25美元每股。

????譯者：項航

????Citigroup (C) is healing, but it's still not growing.

????Profit at the bank, the third major financial institution to reveal results for the first quarter, fell slightly from a year ago to $2.9 billion, but after a number of accounting adjustments were better than analysts had been expecting. Sales were down as well to $19.4 billion, but only slightly. Many of Citi's businesses were flat from the year before. Card sales were down as well. After accounting adjustments, Citi's per share earnings were $1.11. Analysts had been expecting the company to earn $1.00 a share.

????Perhaps more importantly, the company's financial condition appeared to improve in the quarter. Last month, the Federal Reserve, as part of a stress test of the nation's largest banks, told Citigroup it didn't have enough capital on hand to raise it's dividend. That raised concern that the bank did not have enough capital to survive another financial crisis. But the company's first quarter results should remove some of those concerns. Expenses, which grew at other banks, were flat at Citi. And the amount of capital it had to cover potential loan loses rose nearly 10%. The bank increased it's lending by 12%. On a conference call with analysts, one analyst remarked that Citi seemed to have the ability to increase lending even more when the economy improved. Net credit losses fell by 37%.

????Citi once again lowered its provision for future loan losses, a move that critics say boosts the company's earnings artificially. But the benefit Citi took from the maneuver was down significantly from a year ago, $1.2 billion from $3.4 billion in the same quarter in 2011. That was other sign that the company's businesses were improving.

????In the bank's retail operations, sales rose 37%, helped by an increase in its mortgage division. A number of banks have reported strong mortgage sales as lower rates induced borrowers to refinance. The company's trading revenue also more than doubled from the previous quarter, signalling improving conditions on Wall Street.

????What's more, the company said if you exclude accounting losses it had to record because its cost of lending fell, the company's revenue and earnings actually jumped in the quarter. "While the operating environment improved in the first quarter, there is still much macro uncertainty and we will continue to manage risk carefully," said CEO Vikram Pandit.

????Investors seemed to be pleased by the bank's results, perhaps focusing in on the improving financial condition at the bank rather than the most flat results. Citigroup's shares were up about 3% at mid-day to $34.25.