Citigroup second-quarter earnings fall 37 percent

NEW YORK (BestGrowthStock) – Citigroup Inc (C.N: ) posted a $2.7 billion quarterly profit, down 37 percent from the same quarter last year, hurt by lower revenue in its investment banking business.

The third-largest U.S. bank posted second-quarter profit (Read more your timing to make a profit.) of 9 cents a share, compared with $4.28 billon, or 49 cents a share, a year earlier.

Analysts on average expected 5 cents a share before special items, according to Reuters Estimates.

Through Thursday’s stock market close, the company’s shares had risen 26 percent this year, while the broader U.S. banking sector (.BKX: ) had risen 17 percent.

(Reporting by Dan Wilchins; editing by John Wallace)

Citigroup second-quarter earnings fall 37 percent