Citigroup Profit Beats Estimates as Corbat Controls Costs

Citigroup Inc., the third-largest U.S. bank, posted profit that beat analysts’ estimates as Chief Executive Officer Michael Corbat cut expenses. Shares climbed the most in almost six months.

Second-quarter net income jumped to $4.85 billion, or $1.51 a share, from $181 million, or 3 cents, a year earlier, when the firm had $3.7 billion in costs from settling a mortgage-bond probe, the New York-based lender said Thursday in a statement. Excluding accounting adjustments and one-time items, profit was $1.45 a share, beating the $1.34 average estimate of 27 analysts surveyed by Bloomberg.