Citigroup 2Q Pft Dn 37%, 1H Pft Up 21% – Report
The net profit of Citigroup, the third largest U.S. bank, rose 21% in the first half, to 7.12 billion dollars, but fell in the second quarter by 37% at 2.7 billion dollars because of poor results from the investment banking division.
The six months net income fell 13% to 47.5 billion dollars from 54.5 billion dollars in the first half of last year, according to U.S. group’s financial report.
In the second quarter, the bank reported a profit of nine cents per share, almost double the five cent profit that analysts consulted by Reuters anticipated.
For the April-June interval, Citigroup earnings fell 26% to 22.1 billion dollars.
The Citigroup market share rose 26% in 2010 up to the opening of Friday’s trading session on the stock exchange, compared with an advance of 17% of U.S. banking.
