NEW YORK (AP) – Citigroup’s earnings surged 36 percent in the third quarter as the bank continued to cut expenses and clean up its books from the mess of the financial crisis.
The New York-based bank earned $3.99 billion excluding payments to preferred shareholders and an accounting adjustment, or $1.31 a share, for the three-month period ending in September, beating analysts’ estimates of $1.27 a share, according to FactSet.
That compares with earnings of $2.94 billion, or 95 cents a share, in the same period a year earlier.
Citi’s revenue was $18.5 billion after the accounting adjustment, compared with $20.06 billion the year before. That’s in line with estimates.
Citigroup shares rose $1.48, or 3 percent, to $52.30 in pre-market trading.