Deals
Citigroup Beats Analysts’ Estimates on Investment Banking
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Citigroup Inc., the third-biggest U.S. bank, reported second-quarter profit that beat analysts’ estimates on revenue from advising on mergers, corporate lending and underwriting stocks and bonds.
Net income fell 12 percent to $2.95 billion, or 95 cents a share, from $3.34 billion, or $1.09, a year earlier, the New York-based bank said today in a statement. Excluding accounting adjustments and a loss from the sale of a stake in a Turkish bank, earnings were $1 a share, compared with the average estimate of 89 cents in a Bloomberg survey of 18 analysts.