Citigroup posts 6th quarterly profit in 2Q

Citigroup posts 6th quarterly profit in 2Q

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NEW YORK — Citigroup says it has turned a profit for the sixth straight quarter as losses from failed loans declined.

The New York bank says losses from bad loans fell 35 percent during the quarter to $5.4 billion. That allowed the bank to release $2 billion from its loan loss reserves and count it as income.

Net income rose 24 percent to $3.3 billion, or $1.09 cents per share, on revenue of $20.6 billion. That compares to net income of $2.7 billion, or 90 cents per share, during the same quarter last year. The earnings per share was adjusted to account for a reverse split, where 10 Citi shares were exchanged for one this May.

Analysts surveyed by FactSet had predicted Citigroup Inc. would earn 96 cents per share.

Shares of Citi are up over 3 percent at $40.43 in premarket trading.

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