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Citigroup Q2 profit rises 18% to US$4.65b

EXCEEDING EXPECTATIONS: Citigroup's better-than-expected earnings were driven partly by cutting expenses and improving credit quality.

New York

CITIGROUP, the banking behemoth plagued by years of uneven performance and regulatory issues, exceeded Wall Street's expectations for a second consecutive quarter.

The bank said on Thursday that second-quarter profit increased about 18 per cent from the quarter a year ago