Citigroup delivered quarterly earnings that topped analysts' expectations on Thursday, its highest quarterly profit in eight years as restructuring efforts and cost cuts paid off and legal expenses plunged.
Net income rose to $4.85 billion, or $1.51 per share, in the second quarter ended June 30 from $181 million, or 3 cents per share, a year earlier, when the bank was hit by a $3.8 billion legal charge.
Adjusting for legal costs and some accounting items, Citi's net income rose 18 percent to $4.65 billion, or $1.45 per share, from $3.93 billion, or $1.24 per share, a year earlier.
Revenue rose to $19.5 billion from $19.38 billion a year ago.
Wall Street expected Citigroup to deliver quarterly earnings per share of $1.34 on $19.11 revenue, according to consensus estimates from Thomson Reuters.
Shares of Citigroup rose in premarket trading following the report. (Get the latest quote here.)