You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Citi profit slips as refinancing slows

NEW YORK — Citigroup said its quarterly earnings fell slightly after a $1 billion drop in revenue from its bond-trading business and a slump in mortgage refinancing.

Net income for the July-to-August period fell to $3.26 billion from $3.27 billion in the same period a year earlier after excluding an accounting gain and other one-time items. The earnings amount to $1.02 per share, compared with $1.06 per share last year.

Continue reading below

Revenue fell to $18.2 billion, compared with $19.2 billion.

The bank said significantly lower mortgage refinancing in the United States contributed to a 7 percent decline in consumer banking revenue. Rising interest rates made it less attractive for consumers to refinance mortgages.

The rising rates also hurt Citi’s securities and banking unit. Revenue at the bond-trading unit slumped 26 percent, to $2.8 billion, as bond yields climbed. Rates rose in anticipation the Federal Reserve would start reducing bond purchases it has been making to stimulate the US economy.

Loading comments...

Wake up with today's top stories.

Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
or
Please enter a valid email
BostonGlobe.com will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com