????花旗集團(tuán)（Citigroup）正在恢復(fù)元?dú)猓珜?shí)現(xiàn)增長(zhǎng)還需時(shí)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(cái)報(bào)，凈利潤(rùn)為29億美元，相比去年同期小幅下滑，但經(jīng)過(guò)一系列會(huì)計(jì)調(diào)整后，這一結(jié)果還是超出了分析師們的預(yù)期。銷(xiāo)售額下滑至194億美元，不過(guò)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(xiāo)售額也有所下滑。經(jīng)過(guò)會(huì)計(jì)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(diǎn)是，花旗集團(tuán)本季度的財(cái)務(wù)狀況開(kāi)始呈現(xiàn)好轉(zhuǎn)之勢(shì)。上個(gè)月，美聯(lián)儲(chǔ)（Federal Reserve）對(duì)美國(guó)多家大型銀行進(jìn)行壓力測(cè)試時(shí)曾經(jīng)警告花旗集團(tuán)，稱(chēng)這家公司手頭沒(méi)有足夠的資金來(lái)提高股息。這個(gè)消息引發(fā)了人們的擔(dān)憂(yōu)，認(rèn)為花旗銀行沒(méi)有充足的資金抵御新一輪的金融危機(jī)。不過(guò)，該公司的第一財(cái)季財(cái)報(bào)應(yīng)該能稍稍平息人們的憂(yōu)慮。雖然其他銀行的費(fèi)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(cái)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(kāi)的電話(huà)會(huì)議上點(diǎn)評(píng)稱(chēng)，花旗看來(lái)有能力在經(jīng)濟(jì)形勢(shì)好轉(zhuǎn)時(shí)進(jìn)一步提高貸款額。花旗的凈資產(chǎn)損失也下降了37%。

????花旗再度減少了對(duì)未來(lái)貸款虧損的準(zhǔn)備金，批評(píng)人士稱(chēng)，此舉人為推高了該公司的收益。但花旗從這個(gè)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(gè)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(gè)跡象。

????受益于抵押貸款部門(mén)的業(yè)務(wù)增長(zhǎng)，花旗銀行的零售業(yè)務(wù)銷(xiāo)售額增長(zhǎng)了37%。在低利率政策的刺激下，市場(chǎng)再融資活動(dòng)頻繁，許多銀行的抵押貸款業(yè)務(wù)都實(shí)現(xiàn)了強(qiáng)勁增長(zhǎng)。花旗銀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(shì)正在得到改善。

????更為重要的是，花旗集團(tuán)稱(chēng)，假如刨去因?yàn)槠浞刨J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(shí)上有所攀升。公司首席執(zhí)行官潘偉迪稱(chēng)：“經(jīng)營(yíng)環(huán)境在第一季度出現(xiàn)好轉(zhuǎn)，不過(guò)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(xiǎn)。”

????投資者似乎對(duì)花旗集團(tuán)的財(cái)報(bào)頗為滿(mǎn)意，或許他們更關(guān)注的是花旗不斷改善的財(cái)務(wù)狀況，而并不是它的業(yè)績(jī)，后者大多停滯不前。花旗集團(tuán)的股票盤(pán)中上漲3%，股價(jià)達(dá)到了34.25美元每股。

????譯者：項(xiàng)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.