Turkish bank sale drags Citi's net down 12 percent Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 03:13 p.m., Monday, July 16, 2012 NEW YORK (AP) — Citigroup's net income fell 12 percent in the second quarter partly due to a loss on the sale of its stake in a Turkish lender. In a separate conversation with journalists, Citi's chief financial officer, John Gerspach, said the strength in the dollar versus other currencies had negative impact on the bank's earnings from overseas. The bank drew down its current loan loss reserves by $984 million and took an accounting gain of $219 million because the value of its debt decreased. Excluding that loss and the accounting gain, Citi's net income was $1 per share, exceeding the 89 cents expected by analysts surveyed by FactSet, a provider of financial data. Market volatility in the second quarter related to the European debt crisis hurt Citi's earnings from investment banking, where revenue declined 21 percent to $854 million. [...] as interest rates hit record lows, more homeowners refinanced their mortgage loans or bought news houses.

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