LONDON (SHARECAST) - US banking giant Citigroup topped expectations with its third quarter results.
The large US bank reported earnings per share (EPS) of $1.06, excluding extraordinary items, compared to the 97 cents expected by the market. Revenue came in at $19.4bn.
Including extraordinary items, earnings fell 88% to 15 cents per share compared to $1.23 last year. The one-time items include a tax benefit, a write-down for the disposal of its stake in Smith Barney, and accounting adjustments.
The surprise results were aided by a 63% surge in fixed-income trading revenue.
"Our core businesses showed momentum during the quarter as we increased lending and generated higher operating revenues," said Chief Executive Office Vikram Pandit.