Citigroup (C) Expects To Return To Sustained Profitability

Vikram Pandit, CEO of Citigroup, Inc. (NYSE: C), expects the bank to return to sustained profitability.

Pandit said on Thursday that the bank is aiming for a return on assets of 1.25%-1.50% from its Citicorp business, up from 1.15% reported last year. Pandit highlighted that the bank plans to take advantage of its global footprint, and predicted revenues from emerging markets to grow twice as fast to those from the developed markets.

Citigroup shares surged on Pandit’s comments. Shares were up by 2.78% to $4.07 at 2.12 p.m. on Thursday in New York.