UPDATE: Citigroup Posts Downbeat Q3 Profit

UPDATE: Citigroup Posts Downbeat Q3 Profit

Citigroup (NYSE: C) reported a rise in its third-quarter profit.

Citigroup’s quarterly profit surged to $ 3.2 billion, or $ 1 per share, from $ 468 million, or $ 0.15 per share, in the year-ago quarter. Its adjusted earnings came in at $ 1.02 per share.

Its total net revenue surged 30% to $ 17.9 billion from $ 13.7 billion. However, analysts were projecting earnings of $ 1.05 per share on revenue of $ 18.58 billion.

Citigroup’s net credit losses declined 38% to $ 2.4 billion.

Citigroup shares fell 1.31% to $ 48.95 in pre-market trading.

Posted-In: profitEarnings News

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