Citigroup profit beats estimates
Source: Bloomberg News |
October 18, 2011, Tuesday
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Print Edition
Print Edition
CITIGROUP, the third-biggest US bank, said profit rose 74 percent, beating analysts' estimates as a US$1.9 billion accounting gain reduced the impact of declining trading and investment-banking revenue.
Net income for the third quarter was US$3.77 billion, or US$1.23 a share, compared with US$2.17 billion, or 72 US cents, in the same period a year earlier, the New York-based bank said yesterday.
The average estimate of 25 analysts surveyed by Bloomberg News was 82 cents. Excluding the accounting benefit, earnings per share were 84 cents.
Citigroup's credit-valuation adjustment mirrored a similar US$1.9 billion gain posted by JPMorgan Chase last week.
The benefit helped Citigroup Chief Executive Vikram Pandit, 54, weather a quarter in which the bank's shares tumbled 38 percent amid concern that revenue from trading and investment banking would drop because of debt problems in the US and Europe. Excluding the accounting adjustment, revenue dropped 8 percent.
Citigroup said last month it would limit hiring only to "critical" jobs as Pandit tries to control costs and boost revenue while new regulations on minimum capital levels take effect.
Net income for the third quarter was US$3.77 billion, or US$1.23 a share, compared with US$2.17 billion, or 72 US cents, in the same period a year earlier, the New York-based bank said yesterday.
The average estimate of 25 analysts surveyed by Bloomberg News was 82 cents. Excluding the accounting benefit, earnings per share were 84 cents.
Citigroup's credit-valuation adjustment mirrored a similar US$1.9 billion gain posted by JPMorgan Chase last week.
The benefit helped Citigroup Chief Executive Vikram Pandit, 54, weather a quarter in which the bank's shares tumbled 38 percent amid concern that revenue from trading and investment banking would drop because of debt problems in the US and Europe. Excluding the accounting adjustment, revenue dropped 8 percent.
Citigroup said last month it would limit hiring only to "critical" jobs as Pandit tries to control costs and boost revenue while new regulations on minimum capital levels take effect.
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