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Citigroup 3Q Net Income Falls - ASHARQ AL-AWSAT English Archive
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NEW YORK, (AP) -Citigroup Inc., the nation’s top bank, said Thursday third-quarter profit fell 23 percent from a year-ago period that included hefty gains, but operating earnings climbed 6 percent to $5.3 billion.

Net income slipped 23 percent to $5.51 billion, or $1.10 per share, from $7.14 billion, or $1.38 per share, in the prior-year period, which included a $2.12 billion gain on the sale of Travelers Life & Annuity to MetLife.

Earnings from continuing operations rose to $5.3 billion, or $1.06 per share, from $4.99 billion, or 97 cents per share, during the same period last year.

Quarterly revenue edged down 0.4 percent to $21.41 billion from $21.5 billion as international revenue growth was offset by a decline in U.S. revenue, reflecting lower revenue in capital markets driven businesses.

Analysts polled by Thomson Financial were looking for earnings of $1.03 per share on higher revenue of $21.63 billion.

“Our third-quarter results were driven by strength in several businesses, including international revenues, up 11 percent,” Chairman and Chief Executive Charles Prince said in a statement.

Corporate and investment banking revenue slipped about 6 percent to $6.07 billion, while global wealth management gained 15 percent to $2.49 billion from $2.17 billion. Alternative investments tumbled 54 percent to $334 million from $720 million last year.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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