FILE - In this March 16, 2017, file photo, a customer enters a Citibank branch, in New York. Citigroup reports earnings Friday, Oct. 12, 2018. (AP Photo/Mark Lennihan, File)

Citigroup profit rises to $4.6 billion, beats Street views

October 12, 2018 - 7:37 am

NEW YORK (AP) — Citigroup Inc. says third-quarter net income rose to $4.62 billion from $4.13 billion a year ago.

The bank, based in New York, said it had earnings of $1.73 per share. Earnings, adjusted to account for discontinued operations, were $1.74 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.66 per share. Citi earned $1.42 per share a year earlier.

The bank posted revenue of $24.76 billion in the period. Its revenue net of interest expense was $18.39 billion, even with a year ago. The revenue figure was slightly below Street forecasts. Three analysts surveyed by Zacks expected $18.43 billion.

Citigroup shares have decreased 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 2 percent. The stock has declined almost 9 percent in the last 12 months.


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