Citigroup Inc., the third-biggest U.S. bank, reported a surprise profit of $468 million for the third quarter, helped by a $582 million tax benefit and bond- trading revenue that beat analysts’ estimates.
Profit, which included a $2.9 billion writedown on the Smith Barney brokerage, was 15 cents a share, and compared with $3.77 billion, or $1.23 a share, a year earlier, the New York- based bank said today in a statement. Excluding one-time items and the tax benefit, profit was $1.06 a share, beating the 97- cent average estimate of 25 analysts surveyed by Bloomberg.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access