Citigroup Inc., the third-biggest U.S. bank, said profit rose 24 percent, beating analysts’ estimates on higher investment-banking fees and fewer losses tied to troubled assets, BusinessWeek reports.
Second-quarter net income rose to $3.34 billion, or $1.09 a share, from $2.7 billion, or 90 cents, in the same period last year, New York-based Citigroup said today in a statement. The average estimate of 23 analysts surveyed by Bloomberg was for earnings per share of 96 cents….
A 61 percent gain in investment-banking revenue at Citigroup, led by Chief Executive Officer Vikram Pandit, mirrored the results JPMorgan Chase & Co. reported yesterday. Losses fell at Citi Holdings, the unit that includes distressed assets Pandit wants to sell. The results countered a decline in trading revenue from the first quarter and allowed Pandit to post a sixth straight profitable quarter…..
http://www.businessweek.com/news/2011-07-15/citigroup-net-beats-analysts-estimates-on-investment-bank.html
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