Citigroup Inc (NYSE:C), the third biggest U.S. bank by assets, reported its highest quarterly profit in eight years as restructuring efforts and cost cuts paid off and legal expenses plunged.
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Net income rose to $4.85 billion, or $1.51 per share, in the second quarter ended June 30 from $181 million, or 3 cents per share, a year earlier, when the bank was hit by a $3.8 billion legal charge.
Adjusting for legal costs and some accounting items, Citi's net income rose 18 percent to $4.65 billion, or $1.45 per share, from $3.93 billion, or $1.24 per share, a year earlier.
Analysts on average had expected earnings of $1.34 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable.
(Reporting by Neha Dimri and Anil D'Silva in Bengaluru and David Henry in New York; Editing by Kirti Pandey)