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Citigroup profit beats on consumer banking strength


(Reuters) - Citigroup Inc's quarterly profit topped Wall Street estimates on Friday, helped by strength in its consumer banking business in Mexico, North America and Asia.The third-largest U.S. bank by assets, like its peers, also benefited from a cut in income tax rates and an expanding U.S. economy that fueled demand for loans.Net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier, driven by a 14 percent jump in net income for its global consumer banking.Pretax profit from continuing operations increased 5 percent.Earnings per share rose to ...

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First Published: Fri, July 13 2018. 18:25 IST