Tags: US | Earns | Citigroup

Citigroup Profit Dips 10 Percent as Loan Losses Fall

Friday, 16 Jul 2010 08:28 AM

Citigroup says its second-quarter net income dropped 10 percent to $2.7 billion even as its loan losses fell. The drop in income reflects the bank's sale a year ago of the Smith Barney brokerage, a transaction that inflated its earnings at the time.

Citigroup Inc. joins JPMorgan Chase & Co. and Bank of America Corp. in reporting earnings that got a lift in the second quarter as losses from failed loans fell. That's a sign that consumers are having an easier time paying their debts. But Citi, like the other banks, also had a decline in trading revenue because of the stock market's plunge this spring.

Citigroup says it earned $2.7 billion, or 9 cents per share, during the April-June period. That compares with $3 billion, or 49 cents per share, during the same quarter last year.

Analysts forecast the bank would earn 5 cents per share.

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