Citigroup adjusted profit rises 21 pct as expenses decline

Thu Jan 16, 2014 8:05am EST

Jan 16 (Reuters) - Citigroup Inc's quarterly profit rose 21 percent as expenses declined and the company drew down reserves it had taken against bad mortgage loans.

Fourth-quarter adjusted net income rose to $2.60 billion, or 82 cents per share, from $2.15 billion, or 69 cents per share, in the same period of 2012, the third-largest U.S. bank said on Thursday.

Net income as reported under Generally Accepted Accounting Principles (GAAP) rose to $2.69 billion, or 85 cents per share, from $1.20 billion, or 38 cents a share, a year earlier.

The year-earlier GAAP results were reduced by charges relating to reorganizing operations and cutting jobs of $653 million, or 21 cents per share. (Reporting by David Henry in New York and Tanya Agrawal in Bangalore; Editing by Saumyadeb Chakrabarty)

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