Citigroup exceeds Wall Street expectations

Proving that a rising tide can lift even the most leaky of boats, Citigroup Inc. (C) became the latest Wall Street firm to post better-than-expected profits.

The New York-based bank posted a loss to common shareholders of $966 million because of the payment of loan losses and dividends. Excluding the dividend payments, Citigroup earned $1.6 billion. On a per-share basis, Citigroup lost 18 cents, beating the 34-cent loss analysts had predicted.

Shares were up 12 percent in pre-market trading.