Citigroup’s profit falls 11 percent, but beats forecasts

FILE - In this Jan. 15, 2015, file photo, a Citibank sign hangs above a branch office in New York. On Friday, Oct. 14, 2016, Citigroup reports financial results. (AP Photo/Mark Lennihan, File) FILE - In this Jan. 15, 2015, file photo, a Citibank sign hangs above a branch office in New York. On Friday, Oct. 14, 2016, Citigroup reports financial results. (AP Photo/Mark Lennihan, File)

By Associated Press October 14, 2016 1 min read

NEW YORK (AP) – Citigroup’s profit fell nearly 11 percent in the third quarter from the year before, but its results still beat Wall Street expectations and its shares rose before the stock market opened Friday.

The New York-based bank reported net income of $3.8 billion, or $1.24 per share, in the three months ending Sept. 30, compared with $4.3 billion, or $1.35 per share, in the same quarter the year before.

Wall Street analysts expected earnings of $1.15 per share, according to FactSet.

Revenue fell 5 percent to $17.76 billion, beating the $17.29 billion that analysts expected.

Citigroup Inc. shares rose 1.4 percent to $49.15 in premarket trading Friday.