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VOL. 37 | NO. 28 | Friday, July 12, 2013

Citi reports higher profit, revenue; shares rise

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NEW YORK (AP) — 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.