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Citigroup profit rises 16 percent on lower taxes, higher fee income


(Reuters) - Citigroup Inc reported a 16 percent increase in quarterly profit on Friday, as the Wall Street bank benefited from lower taxes, higher fee income and strength in its consumer banking business in Mexico.The third-largest U.S. bank by assets said net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier. Pretax profit from continuing operations increased 5 percent.Earnings per share rose to $1.63 from $1.28. Analysts on average had expected earnings per share of $1.56, according to Thomson Reuters I/B/E/S. It was not immediately ...

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First Published: Fri, July 13 2018. 17:40 IST