Citigroup Beats Estimates as Bank Reaches Mortgage Accord
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Citigroup Inc. posted second-quarter profit that beat analysts’ estimates after excluding $3.7 billion in costs tied to a mortgage-bond settlement. The shares jumped 4 percent.
Net income fell 96 percent to $181 million, or 3 cents a share, from $4.18 billion, or $1.34, a year earlier, the New York-based company said today in a statement. Excluding special items, profit was $1.24 a share, surpassing the $1.05 average estimate of 25 analysts surveyed by Bloomberg.