Citi beats expectations after loss on brokerage

This is an exterior view of Citigroup Center in New York, Tuesday, June 7, 2005. CitiFinancial, the consumer finance division of Citigroup Inc., said Monday, June 6, 2005, it has begun notifying some 3.9 million U.S. customers that computer tapes containing information about their accounts including Social Security numbers and payment histories were lost by the courier UPS Inc. in transit to a credit bureau. (AP Photo/Adam Rountree)

NEW YORK - Citigroup (C) says it has beat Wall Street predictions for quarterly earnings after stripping out a big loss on its retail brokerage and other one-time charges.

Net income was $3.3 billion, excluding one-time items. That amounts to $1.06 per share, beating the 96 cents predicted by analysts polled by financial data provider FactSet. Analyst predictions generally exclude one-time charges and gains.

Revenue, after the special charges, was $19.4 billion. That beat expectations of $18 billion.

The bank wrote down $4.7 billion after agreeing to sell its portion of retail brokerage Morgan Stanley Smith Barney for less than it had hoped. Including that and other one-time charges, net income was $468 million, and revenue was $14 billion.