Citi reports higher profit, revenue; shares rise

By Christina Rexrode

Associated Press

Published: Monday, July 15 2013 6:31 a.m. MDT

This Wednesday, Dec. 5, 2012 file photo, shows a Citi Bank sign in Chicago. Citigroup turned in a strong first quarter, but the sentiment from the bank was more cautious than celebratory. Citigroup Inc. reports quarterly financial results before the market opens on Monday, July 15, 2013.

Kiichiro Sato, File, Associated Press

Enlarge photo»

NEW YORK — Citigroup is reporting earnings that beat Wall Street's expectations for the second quarter.

Profit for the March-to-June period was $3.9 billion after excluding an accounting gain, the bank reported Monday. That's up 26 percent from a year ago.

The profit amounted to $1.25 per share, beating the $1.18 per share predicted by analysts polled by FactSet.

Revenue was $20 billion after excluding the accounting gain, up 8 percent from the same period a year ago. That beat the $19.8 billion predicted by analysts.

Strong business from investment banking boosted Citi's results. The loss from Citi Holdings, where the bank stores troubled assets from the financial crisis, continued to shrink.

Citi's stock jumped 2 percent in pre-market trading to $51.80.

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