Citigroup the third-biggest U.S. bank, reported
second-quarter profit that beat analysts’ estimates on revenue from advising on
mergers and underwriting stocks and bonds Bloomberg reports.
Net income declined 12 percent to $2.95 billion, or 95 cents
a share, from $3.34 billion, or $1.09, a year earlier, the New York-based bank
said today in a statement. Excluding accounting adjustments and a loss from the
sale of a stake in a Turkish bank, earnings were $1 a share, compared with the
average estimate of 89 cents in a Bloomberg survey of 18 analysts.
Revenue from advising clients on mergers and acquisitions
helped CEO Vikram Pandit, 55, manage declines in trading stocks and bonds amid
fallout from the European sovereign-debt crisis. Citigroup’s 21 percent drop in
investment-banking revenue was smaller than the 35 percent decline JPMorgan
Chase & Co., the biggest U.S. bank, reported last week....
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