Citi posts profit of $2.7 billion

Citigroup Inc reported a fall of 37 per cent in its net income during the quarter in large part because of a one-time after-tax gain of $6.7 billion in the year-ago quarter.

Citigroup reported its second consecutive profitable quarter, posting net income of $2.7 billion, down from $4.3 billion, a year earlier.

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