Citigroup Shares Rise After Q3 Results Beat Expectations

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Shares of Citigroup rallied 2.6% in premarket trade after the banking giant reported better-than-expected third-quarter profit and sales, and said it was exiting its consumer businesses in 11 overseas markets. Net income for the quarter came in at $3.4 billion, or $1.07 a share, up from $3.2 billion, or $1 a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings were $1.15, exceeding the FactSet consensus analyst estimate of $1.12. Revenue rose to $19.6 billion from last year's $17.9 billion, topping analyst forecasts of $19.16 billion. Citigroup also announced a restructuring of its global consumer banking business, to focus on markets where it has the greatest growth potential. As a result, Citigroup plans to exit the consumer banking businesses in 11 overseas markets, including Japan, and its consumer finance business in Korea. The stock had lost 4.2% year to date through Monday, compared with a 1.4% gain in the S&P 500.

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