Citigroup gain rises on asset sale reward, expense cuts

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Citigroup Inc claimed a seven.six p.c enhance in quarterly gain from a gain on an asset sale, reduced prices and greater-than-envisioned buying and selling profits.

FILE Picture: A watch of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, Could twenty, 2015. REUTERS/Mike Segar/File Picture

REUTERS: Citigroup Inc claimed a seven.six p.c enhance in quarterly gain from a gain on an asset sale, reduced prices and greater-than-envisioned buying and selling profits.

The fourth-biggest U.S. lender by belongings mentioned on Thursday that web earnings rose to US$4.13 billion in the third quarter finished Sept. thirty from US$three.eighty four billion a year before.

Earnings for every share rose about 15 p.c to US$one.forty two from US$one.24 as the firm shrank the selection of shares remarkable by seven p.c – obtaining back again stock less than its biggest money return system authorised by the U.S. Federal Reserve.

Effects provided a US$355 million gain, really worth 13 cents a share, from the formerly disclosed sale of a set earnings market analytics and index small business.

Analysts on typical had envisioned earnings of US$one.32, according to Thomson Reuters I/B/E/S. It was not promptly clear if the figures had been equivalent.

JPMorgan Chase & Co , the biggest U.S. lender by belongings, before on Thursday claimed a greater-than-envisioned quarterly gain, but mentioned its bond buying and selling profits slumped 27 p.c.

(Reporting by Sweta Singh in Bengaluru and David Henry in New York Enhancing by Bernard Orr)



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