Citigroup reported a stronger-than-expected 26% rise in adjusted quarterly profits, thanks to stronger home prices, which reduced losses on mortgages, and better trading revenue.
Adjusted net income rose to $3.89 billion, or $1.25 per share, in the second quarter, from $3.08 billion, or $1 per share, a year earlier, the bank said Monday. (The adjusted results exclude changes in the value of the company’s debt.)
Adjusted revenue jumped 8% to $20 billion. Sales in the fixed-income unit improved 18% to $3.37 billion, and equity market revenue grew 68% to $942 million.
“Generating consistent and quality earnings is a key priority and this quarter met that goal,” Citi CEO Michael Corbat said in a statement.
Morgan Stanley Smith Barney Venture