Thursday, October 23rd11.0°C
23840
23004

Citigroup second-quarter drops to $181 million after mortgage settlement

Citigroup said Monday that its net income dropped in the second quarter after it took a $3.8 billion charge to settle claims over its risky subprime mortgage business.

The charge pushed down its net income to $181 million from $4.18 billion a year earlier.

On a per-share basis, net income was 3 cents, compared with $1.34 in the second-quarter a year earlier.

Excluding the charges and an accounting loss, the bank's second-quarter profit rose 1 per cent to $3.93 billion, or $1.24 a share. That beat the $1.06 a share predicted by analysts polled by FactSet.

Revenue was $19.4 billion, excluding the accounting loss, compared with $20 billion a year earlier.

The bank's stock rose $1.71, or 3.6 per cent, to $48.72 or midday trading Monday.

The Canadian Press


Read more Business News

22831


Recent Trending




Today's Market
S&P TSX14493.12+181.05
S&P CDNX808.780.78
DJIA16680.15218.83
Nasdaq4454.813+71.966
S&P 5001951.26+24.15
CDN Dollar0.8906+0.0011
Gold1231.70-13.80
Oil81.69+1.56
Lumber330.40+1.70
Natural Gas3.644-0.015

 
Okanagan Companies
Pacific Safety0.105-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.16+0.01
Cantex0.065+0.01
Anavex Life Sciences0.1980.00
Metalex Ventures0.04-0.01
Russel Metals33.10+0.57
Copper Mountain Mining2.08-0.02
Colorado Resources0.14-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.41+0.005

 



23511

FEATURED Property
2020460#211 980 Dilworth Drive
2 bedrooms 2 baths
$289,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

_








Member of BC Press Council


22771