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The Wall Street bank's shares rose 2.82 percent in early
trading.
Bond trading revenue at Citi rose 9 percent, in sharp contrast
to bigger rival JPMorgan Chase & Co, which reported a 10 percent
drop in bond trading revenue earlier on Friday.
Citi said in September total fixed income and trading revenue
was likely to be flat to slightly higher, while investment
banking revenue would be slightly lower to reflect volumes and
transactions that may close in the fourth quarter.
Investment banking revenue fell 8 percent to $1.2 billion.
Consumer banking revenue in Latin America rose 20 percent,
including a gain on the sale of an asset management business in
Mexico. Excluding that gain, revenue rose 8 percent and boosted
total global consumer banking revenue up 3 percent on a constant
currency basis, the bank said.
Net income for the third-largest U.S. bank by assets rose to
$4.62 billion in the third quarter ended Sept. 30, from $4.13
billion a year earlier.
Earnings per share rose to $1.73 from $1.42, helped by buybacks
that reduced shares outstanding by 8 percent from a year
earlier.
Analysts on average had expected earnings per share of $1.69,
according to I/B/E/S data from Refinitiv. Total revenue was
slightly lower at $18.39 billion, compared with $18.42 billion a
year earlier. Operating expenses fell 1 percent to $10.31
billion and the company's widely watched efficiency ratio
improved to 56.1 percent from 56.6 percent a year earlier.
Wells Fargo & Co also reported earnings on Friday that fell
short of analysts' estimates.
Up to Thursday's close, Citi shares have lost 8 percent of their
value for the year, compared with a 5 percent drop in the
broader KBW Bank Index.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj
Kalluvila)
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