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Citigroup income down, profits up


Citigroup Inc., the third-biggest U.S. bank, reported second-quarter profits that beat analysts’ estimates on revenue from advising on mergers and underwriting stocks and bonds, Bloomberg reported. Net income declined 12 percent to $2.95 billion, or 95 cents a share, from $3.34 billion, or $1.09 per share, 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.

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