Citigroup profit rises 6pc on investment banking strength

NEW YORK, Oct 15 — Citigroup Inc reported a six per cent rise in third-quarter profit today, driven by growth in its investment banking business and a smaller tax bill.

Net income applicable to the bank rose to US$4.91 billion (RM20.6 billion), or US$2.07 per share, from US$4.62 billion, or US$1.73 per share, a year earlier.

Excluding the impact of a tax benefit, the bank earned US$1.97 per share.

Total revenue rose about one per cent to US$18.57 billion.

Analysts had expected a profit of US$1.95 per share and revenue of US$18.55 billion, according to IBES data from Refinitiv. It was not immediately clear if the reported numbers were comparable with the consensus estimate. — Reuters