Story updated with additional information.NEW YORK ( TheStreet) -- Citigroup ( C - Get Report) reported a 22% year-over-year increase in second-quarter earnings, as the company beat Wall Street's expectations. Driven by a continued release of loan loss reserves, Citi reported net income of $3.3 billion, or $1.09 a share for the second quarter, compared to $3 billion, or a dollar a share (adjusted for the May 6 one-for-ten reverse split) in the first quarter and $2.7 billion, or 90 cents a share, in the second quarter of 2010.
|Citigroup CEO Vikram S. Pandit|
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