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Citi Profit Misses Estimates on Bond Trading, Mortgages

Citigroup Inc., the third-biggest U.S. bank, reported a $3.23 billion profit that missed analysts’ estimates as bond trading slumped 26 percent and U.S. mortgage revenue declined.

Third-quarter net income climbed from $468 million a year earlier, when the bank had a $2.9 billion loss on its brokerage joint venture, and earnings per share rose to $1 from 15 cents, the New York-based bank said today in a statement. Excluding one-time items, profit was $1.02 a share, two cents lower than the average estimate of 26 analysts surveyed by Bloomberg.