Citigroup Shares Climb After Posting Better-Than-Expected Results

Shares of Citigroup (C) climbed in Thursday trading after the bank reported better-than-expected quarterly results.
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Shares of Citigroup (C) climbed in Thursday trading after the bank reported better-than-expected quarterly results. Citi reported net income that rose to about $4.8 billion, or $1.51 a share, in the second quarter, from $181 million, or $0.03 a share a year ago, when results were weighed down by a $3.8 billion legal charge. Revenue rose to about $19.5 billion from about $19.4 billion last year. Analysts expected the company to report earnings of $1.34 a share on revenue of about $19.1 billion, according to Thomson Reuters. CEO Michael Corbat said in a statement, 'Our results for the quarter show very balanced performance across our business lines. We grew loans and deposits in constant dollars in Global Consumer Banking, while also gaining wallet share among target clients in our Institutional Clients Group. Citi Holdings remained profitable and we again reduced its assets, having completed the sales of additional consumer businesses.' He said Citigroup remains on track to reach its financial targets for the year.