Citigroup, Wells Fargo report strong earnings

By Roland Jones

Citigroup, the third-largest U.S. bank by assets, said Monday its third quarter net income jumped 73 percent from the same period one year ago.

The bank reported net income of $3.8 billion, or $1.23 per share, up from $2.2 billion, or 72 cents per share, a year ago.

Citi's earnings were helped by an accounting gain related to its credit holdings, according to The Associated Press. The New York bank also said losses from bad loans fell 41 percent during the quarter to $4.5 billion as defaults fell from its credit card loans for Citi-branded credit cards, the news wire said.

Separately,?Wells Fargo said its net income jumped 21 percent in its most recent quarter from the prior year. The bank reported quarterly net income of 4.1 billion, citing increased loans and deposits and lower expenses from the second quarter.

Source: http://bottomline.msnbc.msn.com/_news/2011/10/17/8362988-citigroups-net-income-jumps-73-percent

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