Friday, July 16, 2010

Citigroup second-quarter earnings fall 37%

NEW YORK: Citigroup Inc posted a $2.7 billion quarterly profit, down 37% from the same quarter last year, hurt by lower revenue in its investment banking business.

The third-largest U.S. bank posted second-quarter profit of 9 cents a share, compared with $4.28 billon, or 49 cents a share, a year earlier.

Analysts on average expected 5 cents a share before special items, according to Reuters Estimates.

Through Thursday's stock market close, the company's shares had risen 26 percent this year, while the broader U.S. banking sector had risen 17 percent. - Reuters

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