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.

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.

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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.