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Citigroup profit beats estimates on reserve release

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Reuters

By David Henry and Anirban Sen (Reuters) -Citigroup Inc comfortably beat market estimates for second-quarter profit on Wednesday, as the economic recovery allowed the bank to release loan loss reserves and offset a plunge in revenue from lower trading and credit card lending. For the quarter ended June 30, net income jumped to $6.19 billion, or $2.85 per share, from $1.06 billion, or 38 cents per share, a year earlier. Analysts on average had expected a profit of $1.96 per share, according to Refinitiv IBES data. The bank’s profits were buoyed by its decision to take down $2.4 billion of loss …

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