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Citigroup profit rises on smaller loss from troubled assets

Citigroup Inc reported a better-than-expected quarterly net profit as a smaller loss on its troubled assets made up for weakness in its core trading and lending businesses, pushing up the bank's shares in premarket trading.First-quarter adjusted net income rose to $4.15 billion, or $1.30 per share, from $4.00 billion, or $1.29 per share a year earlier, the third-largest U.S. bank said on Monday.Total net income under Generally Accepted Accounting Principles rose to $3.94 billion, or $1.23 per share, from $3.81 billion, or $1.23 per share.Analysts on average had expected adjusted earnings of $1.14 per share, according to Thomson Reuters I/B/E/S.Citigroup shares were up 3.6 percent at $47.32 in trading before the bell, clawing back some of the 9 percent loss since the Federal Reserve rejected its capital plans on March 26.The adjusted loss at Citi Holdings, which holds the bank's portfolio of troubled assets left over from the financial crisis, eased to $292 million from $798 million a y...

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