Citigroup, Quarterly Earnings | featured news

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

Citigroup Inc said quarterly profit plunged on a $4.7 billion write-down of its stake in a brokerage operated by Morgan Stanley, but mortgage lending increased and capital markets results rebounded.

Citigroup Inc reported lower second-quarter profit on Monday as the big banking group lost money on the sale of a stake in a Turkish bank and suffered from the drag of its troubled assets left over from the 2008 credit crisis.

itigroup's strategy of slimming down and focusing on a few core businesses is paying off. The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved.

Citigroup posted second-quarter earnings of $2.7 billion Friday, marking its second consecutive profit and beating Wall Street expectations, thanks to improving credit ...