Citi's Pandit defends capital strength: memo

LONDON (Reuters) - Citigroup Chief Executive Vikram Pandit said the bank was profitable in January and February and was "confident about our capital strength" after tough internal stress tests, according to a memo seen by Reuters.

Pandit said Citi was having the best quarter-to-date performance since the third quarter of 2007, and revenues in the first two months of the year were $19 billion "excluding externally disclosed marks."

In the memo, sent as an email to colleagues and obtained by Reuters on Tuesday, Pandit said he was disappointed with Citi's stock price and "broad-based misperceptions about our company and its financial position."

Citigroup declined to comment.

(Reporting by Quentin Webb)