Mortgage settlement hits Citigroup net incomeJuly 14, 2014 @ 10:00 am
Citigroup said Monday that its net income dropped in the second quarter after it took a $3.8 billion charge to settle claims over its risky subprime mortgage business.
The charge pushed down its net income to $181 million from $4.18 billion a year earlier.
On a per-share basis, net income was 3 cents, compared with $1.34 in the second-quarter a year earlier.
Excluding the charges and an accounting loss, the bank's second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share. That beat the $1.06 a share predicted by analysts polled by FactSet.
Revenue was $19.4 billion, excluding the accounting loss, compared with $20 billion a year earlier.
The bank's stock rose $1.71, or 3.6 percent, to $48.72 or midday trading Monday.
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