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Citigroup Q2 profit falls 37% on lower revenue

Citigroup Q2 profit falls 37% on lower revenue
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First Published: Fri, Jul 16 2010. 05 37 PM IST
Updated: Fri, Jul 16 2010. 05 37 PM IST
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 US 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% this year, while the broader US banking sector had risen 17%.
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First Published: Fri, Jul 16 2010. 05 37 PM IST
More Topics: Company results | Citigroup | Bank | Earnings | Profit |