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Citigroup also reported a 13 percent rise in
adjusted third-quarter net profit, helped by better results from
its portfolio of troubled assets left over from the financial
crisis.
Adjusted net profit for the quarter rose to $3.67 billion, or
$1.15 per share, from $3.26 billion, or $1.02 per share, a year
earlier.
Analysts had expected earnings of $1.12 per share, according to
Thomson Reuters I/B/E/S. It was not immediately clear if the
results were comparable.
Citigroup's shares rose 2.2 percent to $51.01 in premarket
trading on Tuesday.
The third-largest U.S. bank said it would exit its consumer
operations in six Latin American countries, as well as Japan,
Egypt, the Czech Republic, Hungary and Guam. Citigroup said it
would continue to serve institutional clients in these markets.
"I am committed to simplifying our company and allocating our
finite resources to where we can generate the best returns for
our shareholders," Chief Executive Michael Corbat said.
By pruning its consumer businesses, Citigroup is going back
toward an earlier company structure of focusing its extensive
global reach on business clients.
The bank operates in about 100 countries and specializes in
handling international payments and cash management for
institutions.
Citi Holdings, the division that holds the bank's portfolio of
troubled assets, reported adjusted net income of $272 million
compared with a loss of $113 million a year earlier.
(Reporting by David Henry and Anil D'Silva; Editing by Saumyadeb
Chakrabarty)
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