Mortgage settlement hits Citigroup net income

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) 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 gain, the bank's second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share. A year earlier, the bank earned $3.89 billion, or $1.25 per share.

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

The bank's stock rose $1.81, or 3.9 percent, to $48.81 or early trading Monday.


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