Citigroup’s Profit Down 12%, but Beats Estimates

by Wall Street Job Report on July 16, 2012

Despite a 10 percent drop in revenue, Citigroup on Monday reported better than expected profit for the second quarter, buoyed by strength in its capital markets businesses.

The bank reported earnings of $2.9 billion, or 95 cents a share, although revenue fell to $18.6 billion. Those earnings include a $219 million gain related to how certain debt of the company is valued, as well as a one-time loss of $424 million on the sale of a stake in Akbank T.A.S., a Turkish bank.