Business

Citigroup’s results top expectations

NEW YORK — It has been nine months since Mike Corbat was handed the reins of Citigroup and tasked with turning around the struggling banking giant.

On Monday, the bank reported second-quarter results that beat Wall Street’s expectations, earning him praise from analysts who said he is steering the bank in the right direction.

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Strong results from investment banking helped Citi’s April-to-June results, and the bank benefited from setting aside less money for potential bad loans. Profit shot up 26 percent, after excluding an accounting gain, and revenue rose 8 percent.

Profit for the period was $3.9 billion, excluding an accounting gain, up from $3.1 billion a year ago.

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That amounted to $1.25 per share, beating the $1.18 per share predicted by analysts polled by FactSet.

Revenue was $20 billion, excluding the accounting gain, up from $18.6 billion a year earlier, beating the $19.8 billion analysts predicted.

Citi’s stock rose $1, or nearly 2 percent, to $51.81.

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