Citigroup Q2 profit rises 18% to US$4.65b

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 to US$4.65 billion, after adjusting for quarterly changes in certain debt valuations. On a per-share adjusted basis, Citigroup earned US$1.45, above analyst estimates of US$1.34, according to Thomson Reuters.