Citi's profit jumps on lower expenses

Citigroup said profit jumped in the second quarter on lower expenses, sending the stock up 2% in early trading.

The $169 billion bank said it earned $4.8 billion, or $1.51 a share, on revenues of $19.5 billion in in the three-month period ended in June.

Last year, Citi reported earnings of $1.24 a share on revenue of $19.34 billion.

The gain marked the bank's best quarterly profit since the financial crisis whacked its assets in 2008.

Analysts had expected second-quarter earnings per share of $1.34 a share on revenue of $19.17 billion, according to FactSet.

After taking out accounting adjustments tied to certain assets values, the bank earned $4.7 billion, or $1.45 a share, on revenue of $19.2 billion.

Investors applauded Citi's improvements, spurred in part by sales of unwanted businesses led by Citi CEO Michael Corbat. 

Citi shares recently traded up 3.4% to $58.38 a share.

Citigroup's operating expenses were $10.9 billion in the second quarter 2015, a 30% drop over the prior year's second quarter, which was hit by a $3.8 billion charge tied to a mortgage settlement with the Justice Department.

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