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    Mortgage settlement hits Citigroup net income

    Citigroup second-quarter drops to $181 million after mortgage settlement

    Posted on July 14, 2014 at 12:00 a.m. | Updated on July 14, 2014 at 9:02 a.m.

    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 loss, the bank’s second-quarter profit rose 1 percent to $3.93 billion, or $1.24 a share. That beat the $1.06 a share predicted by analysts polled by FactSet.

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

    The bank’s stock rose $1.71, or 3.6 percent, to $48.72 or midday trading Monday.


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