Citigroup has announced a 23 percent rise in second-quarter profits fueled by merger advising fees and growth in overseas operations. The board of directors also announced a 4-for-3 split in the company’s common stock in the form of a 33 1/3 percent stock dividend, payable Aug. 25.
Analysts had estimated 83 cents per share in earnings, but the company posted $3.01 billion or 87 cents per share, up from $2.45 billion or 70 cents per share in the same quarter last year. Approval was granted by the board for repurchase of an additional $5 billion of Citigroup common stock, continuing the company’s program of buying shares primarily to fund employee benefit plans.
Second-quarter gains were driven by Citigroup’s investment banking operations and the Salomon Smith Barney securities unit, which delivered strong earnings advising European companies on mergers and acquisitions.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
Report: Auto Insurance Total Loss Frequency Climbs, More Drivers Pay Repairs 
Chubb Q3 Net Income Down Slightly on More Catastrophe Losses 
World’s Largest Retirement Community Set to Borrow $180 Million for More Homes 
