Photo: Bloomberg
Photo: Bloomberg

Citigroup profit rises 6% on investment banking strength

  • Net income applicable to the bank rises to $4.91 billion in third quarter from $4.62 billion a year earlier
  • Total revenue increases about 1% to $18.57 billion

Citigroup Inc reported a 6% rise in third-quarter profit on Tuesday, driven by growth in its investment banking business and a smaller tax bill.

Net income applicable to the bank rose to $4.91 billion, or $2.07 per share, from $4.62 billion, or $1.73 per share, a year earlier.

Excluding the impact of a tax benefit, the bank earned $1.97 per share.

Total revenue rose about 1% to $18.57 billion.

Analysts had expected a profit of $1.95 per share and revenue of $18.55 billion, according to IBES data from Refinitiv. It was not immediately clear if the reported numbers were comparable with the consensus estimate.