Official reports by Citigroup Inc. have shared that the group's profits managed to more than double, beating all estimates pegged by analysts, mainly on the back of the global economic rebound pulling down the costs for bad loans and boosting revenue from customer banking.

First quarter net earnings of $4.43 Billion have come after a loss of $7.58 Billion which were posted for the fourth quarter and a profit of $1.59 Billion during the first three months of the past year, as was shared by the New York-based Citigroup in an official statement.

Adjusted per share earnings turned out to be 14 cents. Analysts were expecting much less.

Vikram Pandit, the Chief Executive of Citi, who is taking $1 yearly salary till the firm turns substantially profitable, shared in February that the ongoing year might just show the "earnings potential of the new Citi" after two consecutive annual losses which totaled $29 Billion.

Total bad loan costs managed to fall to $8.37 Billion from $9.92 Billion posted for 2009's initial three months.

"They are now feeling themselves to be sufficiently reserved and they're beginning to reduce credit expenses. That falls directly to the bottom line", said Gary Townsend, president of Hill-Townsend Capital LLC, an investment firm based in Chevy Chase, Maryland.