Mortgage settlement hits Citigroup net income - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Mortgage settlement hits Citigroup net income

Posted: Updated:
(AP Photo/Mark Lennihan, File). FILE - This Oct. 16, 2012 file photo shows the Citibank building in New York. (AP Photo/Mark Lennihan, File). FILE - This Oct. 16, 2012 file photo shows the Citibank building in New York.
By STEVE ROTHWELL
AP Markets Writer

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • U.S. & World NewsMore>>

  • Rule change: Blood and bumps at Commonwealth Games

    Rule change: Blood and bumps at Commonwealth Games

    Friday, July 25 2014 11:43 AM EDT2014-07-25 15:43:20 GMT
    It was the first bout of the boxing competition at the Commonwealth Games. Within minutes, one of the fighters had a large lump on his head, and the other had blood streaming down his face.
    It was the first bout of the boxing competition at the Commonwealth Games. Within minutes, one of the fighters had a large lump on his head, and the other had blood streaming down his face.
  • Central American leaders convening at White House

    Central American leaders convening at White House

    Friday, July 25 2014 11:35 AM EDT2014-07-25 15:35:28 GMT
    President Barack Obama is summoning Central American leaders to the White House to discuss the influx of young immigrants from their countries to the U.S., hoping to show presidential action even as Congress...
    President Barack Obama will urge Central American leaders to help slow the influx of unaccompanied children fleeing their countries for the United States, even as Congress remains deeply divided over proposals to stem the...
  • Black box found at Air Algerie wreckage site

    Black box found at Air Algerie wreckage site

    Friday, July 25 2014 11:34 AM EDT2014-07-25 15:34:18 GMT
    French officials say that the wreckage of an Air Algeria plane which crashed with 116 people aboard has been found in Mali.
    French soldiers recovered a black box from the Air Algerie wreckage site in a desolate region of restive northern Mali on Friday, officials said. Terrorism hasn't been ruled out as a cause, although officials say the...
Powered by WorldNow
General information or questions:
kxinfo@kxnet.com

News:
Bismarck:
Phone: 701-223-9197
News Fax: 701-223-1985

News:
Minot:
Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.