Citigroup Beats Estimates as Cost Cuts Outpace Revenue Drop

Citigroup Inc., the U.S. bank that gets more than half its revenue from abroad, boosted profit more than analysts estimated after a drop in legal costs helped it cut expenses faster than revenue fell.

Third-quarter net income rose 51 percent to $4.29 billion, or $1.35 a share, from $2.84 billion, or 88 cents, a year earlier, the New York-based lender said Thursday in a statement. Earnings amounted to $1.31 a share excluding accounting adjustments, beating the $1.27 average estimate of 26 analysts surveyed by Bloomberg.