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Citi
has been simplifying its structure by selling retail operations
in several countries, shrinking its U.S. branch network and
disposing of non-core businesses.
The bank's shares rose 2.5 percent to $57.94 in premarket
trading on Thursday.
Operating expenses in Citicorp, the bank's core businesses, fell
6 percent to $9.8 billion in the second quarter and were down 1
percent when adjusted for currency changes.
The expenses included $61 million in restructuring charges, down
from $397 million a year earlier.
Revenue from Citicorp was unchanged at $17.5 billion, but rose 5
percent after adjusting for changes in foreign exchange rates.
Goldman Sachs Group Inc, which reported results earlier on
Thursday, said quarterly profit more than halved, hurt by weaker
trading revenue and litigation expenses.
Citi's net income rose to $4.85 billion, or $1.51 per share, in
the quarter ended June 30 from $181 million, or 3 cents per
share, a year earlier, when the bank was hit by a $3.8 billion
legal charge.
Adjusting for legal costs and some accounting items, Citi's net
income rose 18 percent to $4.65 billion, or $1.45 per share,
from $3.93 billion, or $1.24 per share, a year earlier.
Analysts on average had expected earnings of $1.34 per share,
according to Thomson Reuters I/B/E/S.
(Additional reporting by Anil D'Silva in Bengaluru; Editing by
Kirti Pandey)
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