Washington, July 13, 2018 (News Wires) -- Citigroup Inc's quarterly profit topped Wall Street estimates on Friday, helped by strength in its consumer banking business in Mexico, North America and Asia. The third-largest US bank by assets, like its peers, also benefited from a cut in income tax rates and an expanding US economy that fuelled demand for loans. Net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier, driven by a 14 per cent jump in net income for its global consumer banking. Pretax profit from continuing operations increased 5 per cent. Earnings per share rose to $1.63 from $1.28 and topped analysts' average estimate of $1.56, according to Thomson Reuters I/B/E/S. The bank's provision for income tax fell by $351 million, following President Donald Trump's corporate tax rate cuts. Buybacks reduced shares outstanding by 8 percent from a year earlier, further boosting earnings per share. Revenue rose about 2 per cent to $18.47 billion but came in slightly below the average expectation of $18.51 billion as revenue from its investment banking business fell 7 per cent.
