Citigroup's Results Climb, Buoyed by Consumer Bank -- Update

Citigroup Inc. said Thursday that its third-quarter revenue rose 2%, boosted by another jump in investment banking and progress in its evolving consumer bank.

Quarterly revenue at the New York-based bank was $18.17 billion, up from $17.76 billion a year ago and topping analysts' consensus forecast of $17.896 billion.

The bank's profit was $4.13 billion, up 8% from $3.84 billion a year ago. Per-share earnings were $1.42. Analysts had expected $1.32 a share.

Like its peers on Wall Street, Citigroup was expecting another tough quarter for trading revenue amid tepid volatility. However, the bank's trading revenue was down just 11% from the same quarter a year ago, to $3.63 billion, compared with the bank's forecast of a roughly 15% drop.

Citigroup's decline also was slimmer than that at rival J.P. Morgan Chase & Co., where trading was down 21% this quarter.

Citigroup, meanwhile, was buoyed by another rise in investment banking, where it makes money advising companies on mergers and capital raising. That rose 14% from a year ago, to $1.23 billion.

It also was boosted by its consumer banking unit revenue, where Citigroup has been promising investors a turnaround in performance.

Quarterly consumer banking revenue increased 3% globally from a year ago, to $8.43 billion, led by a 10% gain in Mexico. North American banking revenue also was up, though by just 1% from a year ago.

Citigroup's stock has risen 26% this year, by far the best among the U.S.'s six biggest banks, thanks in part to the announcement of a plan to return $60 billion in capital through 2020.

The shares rose 0.2% to $75.11 in premarket trading.

Write to Telis Demos at telis.demos@wsj.com

(END) Dow Jones Newswires

October 12, 2017 08:43 ET (12:43 GMT)