July 17, 2012 in Business

Citi’s net income falls

Associated Press

NEW YORK – Citigroup’s net income fell 12 percent in the second quarter partly due to a loss on the sale of its stake in a Turkish lender. The income of $2.9 billion was still better than analysts were expecting.

Citi is one of the largest international banks in the world, and its results are often seen as a gauge of how the global economy is doing. Investors are particularly concerned about recent signs of a slowdown in China and India, two large markets for Citi. Citi’s consumer banking business in Asia and Latin American barely declined, by less than 1 percent.

Citi lost $424 million on the sale of its one-tenth ownership stake in Akbank. Excluding that loss and the accounting gain, Citi’s net income was $1 per share, exceeding the 89 cents expected by analysts surveyed by FactSet.

Revenue was $18.6 billion, down 10 percent from the year-ago quarter. Analysts expected $18.8 billion. Citi’s stock rose 16 cents to close at $26.81 Monday.

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