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Citigroup profit jumps 42% in second quarter

July 15, 2013|By Andrew Tangel
  • A Citi Bank sign in Chicago.
A Citi Bank sign in Chicago. (Kiichiro Sato / Associated…)

NEW YORK -- Citigroup Inc.'s profit jumped 42% in the second quarter as the bank worked to regain its footing following the financial crisis.

The New York-based bank reported $4.2 billion, or $1.34 a share, of net income in the quarter, boosted by surges from investment banking and stock trading. That's up from $2.9 billion, or 95 cents a share, in the same period a year ago.

Citi's results beat analysts' estimates of $1.17 per share, according to data compiled by Thomson Reuters.

Citi reported strong results in emerging markets and said it continued to make progress in winding down its Citi Holdings segment, the repository of its troubled assets stemming from the financial crisis.

“Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged,” said Chief Executive Michael Corbat. “Generating consistent and quality earnings is a key priority and this quarter met that goal.”

Revenue jumped 11% to $20.5 billion in the second quarter, the company said, while expenses rose only 1% year over year.

Citi Holdings' assets declined by the greatest percentage in three years, Corbat said. The segment saw a 16% rise in revenue in the second quarter, while its losses narrowed -- to $570 million from a net loss of $910 million the same period a year ago.

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