Citigroup Reports 26% Increase In Quarterly Profit
Originally published at www.seclive.com
Citigroup (C) has announced its financial results for second quarter fiscal 2013, reporting a 26% increase in adjusted net profits of $3.89B, up from $3.08B this quarter last year. Citigroup's earnings per share exceeded analyst predictions of $1.18 earnings per share by reporting $1.25 earnings per share. The company attributes the substantial profit difference between this year and last year to more stability on existing home mortgages, with stronger house prices offsetting the rise in rates banks face when selling home loans. Citigroup saw an 18% rise in fixed income market revenue to $3.37B, with equity market revenue increasing 68% to $942M. Citi CEO Michael Corbat remarked simply that the company is focused on delivering consistent and quality earnings.
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