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Citigroup exceeds Q2 earns, revenue forecasts
NEW YORK (CBS.MW) - Citigroup (C: news, chart, profile) reported second-quarter net income of $1.14 billion, or 22 cents a share, down from 83 cents a share in the same period a year ago. Excluding non-recurring items, such as a $4.95 billion charge for the settlement of the WorldCom class action suit and gains from the sale of assets, earnings were $1.02 a share, topping the average analyst estimate compiled by Thomson First Call of 97 cents. Total revenue rose 15 percent to $22.3 billion, exceeding analyst forecasts of $21.4 billion, boosted by 21 percent growth in its global consumer business. International results were also strong, with its cards business growing 49 percent and retail banking increasing 50 percent. The financial services giant's stock, a component of the Dow industrials, closed Wednesday down 20 cents at $45.10
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