NEW YORK: Citigroup has posted $181 million earnings during second-quarter of the calendar year.
Earnings for the quarter ending June 30 were for $4.8 billion, up from just $181 million in the year-ago period. The 2014 quarter was marred by a $3.7 billion legal charge to settle mortgage securities litigation.
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Adjusted earnings translated into $1.51 per share, better than the $1.34 projected by Wall Street analysts. Revenues rose 0.2 percent to $19.47 billion.
Citigroup suffered a modest drop in its bond trading division and slightly lower investment banking revenues due to lower corporate advising on mergers and other transactions. Those declines were partially offset by higher debt underwriting revenues.
In its global consumer banking division, revenues fell 4.4 percent to $8.5 billion, with higher North American revenues and lower international sales. Results in this business were boosted by a 10 percent drop in operating expenses to $4.6 billion following efficiency moves.
