Citigroup results jump after a big legal charge a year ago
NEW YORK (AP) — Citigroup says its profits rebounded in the second quarter, following large legal expenses in the same period a year earlier.
The bank earned $4.57 billion after payments to preferred shareholders. That compares to a profit of $102 million a year earlier. On a per share basis, the bank earned $1.51, compared with 3 cents a share a year earlier. Citigroup's results took a $3.8 billion charge last year for a legal settlement related to mortgages from the housing bubble.
The average estimate of financial analysts surveyed by FactSet was $1.35 per share, which typically exclude one-time items. Net revenue at the bank totaled $19.47 billion, compared with $19.43 billion in the same period a year earlier.
Shares of Citigroup rose 2.6 percent in pre-market trading.