Citigroup net income dives after mortgage agreement

A general view of the Citigroup office in Canary Wharf in London, England. (File) (Oli Scarff, Getty Images)
A general view of the Citigroup office in Canary Wharf in London, England. (File) (Oli Scarff, Getty Images)
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Updated: 7/14 9:35 am

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 gain, the bank's second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share. A year earlier, the bank earned $3.89 billion, or $1.25 per share.

Revenue was $19.4 billion, excluding the accounting gain, compared with $20 billion a year earlier.

Citi's stock rose $1.77, or 3.9 percent, in pre-market trading to $48.80.

 

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