Citigroup Profit Beats Estimates as Stock Trading Gains
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Citigroup Inc., the third-biggest U.S. bank by assets, posted a 42 percent increase in second-quarter profit that beat analysts’ estimates as stock-trading revenue surged and losses on unwanted assets declined.
Net income climbed to $4.18 billion, or $1.34 a share, from $2.95 billion, or 95 cents, a year earlier, the New York-based bank said today in a statement. Excluding an accounting adjustment, earnings were $1.25 a share, beating the $1.18 average estimate of 27 analysts surveyed by Bloomberg.