Citigroup disclosed its smallest quarterly loss since 2007 – triggering an improvement in share prices for Barclays and Lloyds Banking Group.
Barclays’ shares reached a six-month high at one stage while Lloyds Banking Group raced to a two-month high.
The forecast-beating results from Citigroup cap a positive week for the battered banking sector – after JP Morgan and Goldman Sachs also exceeded expectations with their first quarter profits.
At the close of trading, Lloyds shares had risen by 14pts with Barclays 15pts ahead and Royal Bank of Scotland 4pts up.
The sector helped the FTSE 100 index close 39.8 higher at 4092.8.
