Citigroup profit rises on asset sale benefit, cost cuts

Citigroup profit rises on asset sale benefit, cost cuts

FILE PHOTO: A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar/File Photo
REUTERS: Citigroup Inc reported a 7.6 percent increase in quarterly profit from a gain on an asset sale, lower costs and better-than-expected trading revenue.The fourth-biggest U.S. bank by assets said on Thursday that net income rose to US$4.13 billion in the third quarter ended Sept. 30 from US$3.84 billion a year earlier.Earnings per share rose about 15 percent to US$1.42 from US$1.24 as the company shrank the number of shares outstanding by 7 percent - buying back stock under its biggest capital return plan approved by the U.S. Federal Reserve.Results included a US$355 million gain, worth 13 cents a share, from the previously disclosed sale of a fixed income market analytics and index business.Analysts on average had expected earnings of US$1.32, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.JPMorgan Chase & Co , the biggest U.S. bank by assets, earlier on Thursday reported a better-than-expected quarterly profit, but said its bond trading revenue slumped 27 percent.
(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Bernard Orr)
Source: Reuters