updated 7/17/2006 9:00:28 AM ET 2006-07-17T13:00:28

Citigroup Inc., the nation’s largest financial institution, on Monday said its second-quarter profit rose 4 percent as corporate and investment banking revenue improved, but the results were slightly below analysts’ projections.

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The New York-based bank said net income was $5.27 billion, or $1.05 per share, up from $5.07 billion, or 97 cents a share, a year earlier.

Revenue was up 10 percent at $22.18 billion for the quarter from $20.17 billion in the second quarter of 2005.

Analysts surveyed by Thomson Financial had projected second-quarter earnings of $1.06 per share on revenue of $22.6 billion.

Corporate and investment banking revenue surged 31 percent to $6.76 billion in the second quarter from $5.16 billion a year earlier, and revenue from global wealth management rose 19 percent to $2.5 billion from $2.1 billion in 2005. Revenue in the global consumer division, meanwhile, was up 5 percent to $12.6 billion from $12 billion a year earlier.

Revenue dropped in the bank’s alternative investments category and miscellaneous corporate.

Citigroup has some 200 million customers worldwide operates in 100 countries.

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