NEW YORK ( TheStreet) -- Between the Senate's passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act bill and late-breaking news of Goldman Sachs' ( GS) settlement with the SEC, you could almost be forgiven for letting it slip your mind that Citigroup ( C) reports its second-quarter results tomorrow morning. That is unless you've been holding Citigroup for the past three months (or longer) and watched it dance briefly above $5 back in April, shortly after its blowout first-quarter report, before sliding all the way below $4 until late last week. Now, with the Treasury having made progress on selling out of its stake and financial reform a known quantity, the stock looks to be in a position to pop if CEO Vikram Pandit is able to post another strong profit for the June-ending quarter. It would be Citigroup's second consecutive quarter of earnings and proof that the troubled bank is indeed on the road to recovery. Oppenheimer analyst Chris Kotowski said in a recent research note that the second-quarter report is not about actual earnings, "but rather, first and foremost, the ongoing improvement in asset quality and secondarily, the ongoing disposition of the government's stake in the company." It's been a tough slog up for Pandit, who has now been at the helm of the massive bank for two-and-a-half years, but it would be hard to argue he hasn't made significant progress in whittling down the bank's bad assets and setting it on the right course. The first-quarter's surprise profit was great validation for Pandit, and he will no doubt look to build on that momentum with the latest numbers. A good sign came earlier Thursday as JPMorgan Chase ( JPM) once again beat Wall Street estimates with its profit of $4.8 billion, or $1.09 a share, a performance that got a substantial lift from the release of loan loss reserves. That would seem to bode well for Citigroup as it deals with many of the same consumer and institutional issues as its cross-town rival. Citigroup will have some company in the headlines on Friday morning, of course, as Bank of America ( BAC) will also be reporting its numbers.