Citigroup Profit Beats Estimates on 35% Jump in Bond Trading
- Net income falls 11 percent to $3.84 billion from a year ago
- CEO Corbat cites ‘underlying momentum across our franchise’
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Citigroup Inc. posted third-quarter profit that beat analysts’ estimates as bond-trading revenue surged 35 percent from a year earlier, helped by interest-rate and currencies trading.
The lender helped lead bank shares higher Friday after reporting net income of $3.84 billion, or $1.24 a share, down 11 percent from a year earlier. That still beat the $1.15 average estimate for adjusted earnings per share.