Citigroup earnings jump in second quarter, following last year's big legal charges

Industries Associated Press

Citigroup says its profits rebounded in the second quarter, following large legal expenses in the same period a year earlier.

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The bank earned $4.57 billion after payments to preferred shareholders. That compares to a profit of $102 million a year earlier. On a per share basis, the bank earned $1.51, compared with 3 cents a share a year earlier. Citigroup's results took a $3.8 billion charge last year for a legal settlement related to mortgages from the housing bubble.

The average estimate of financial analysts surveyed by FactSet was $1.35 per share, which typically exclude one-time items. Net revenue at the bank totaled $19.47 billion, compared with $19.43 billion in the same period a year earlier.

Shares of Citigroup rose 2.6 percent in pre-market trading.