Markets

​Citigroup's profit falls 17 percent, still beats forecasts

/ AP

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NEW YORK - Citigroup's (C) earnings fell 17 percent in the second quarter, hurt by weak results in consumer banking as interest rates remain extremely low, making lending less profitable. The results still beat analysts' forecasts.

The New York-based financial conglomerate reported net income of $4 billion, or $1.25 per share, compared with $4.85 billion, or $1.51 per share, in the same period the year earlier.

The results beat the $1.10 per share analysts had expected, according to FactSet.

Revenue fell 10 percent to $17.54 billion, beating the $17.52 billion analysts expected.

Citigroup's shares rose 1.2 percent in premarket trading Friday.

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