Citigroup profit jumps as legal, restructuring costs fall

[April 16, 2015]  (Reuters) - Citigroup Inc, the third biggest U.S. bank by assets, reported a 16 percent jump in quarterly profit on Thursday as legal and restructuring costs plunged.

Citi has been cutting costs and simplifying its structure by selling retail operations in a number of countries, shrinking its U.S. branch network and selling non-core businesses.

The bank's adjusted net income rose to $4.82 billion, or $1.52 per share, in the first quarter ended March 31 from $4.15 billion, or $1.30 per share, a year earlier.

Analysts on average had expected earnings of $1.39 per share, according to Thomson Reuters I/B/E/S.

It was not immediately clear if the figures reported were comparable.

(Reporting by David Henry in New York and Anil D'Silva in Bengaluru; Editing by Kirti Pandey)

[© 2015 Thomson Reuters. All rights reserved.]

Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.