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10/12, 2:02 PM (Source: TeleTrader.com)
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Citigroup reports 22% YoY rise in EPS at $1.73 in Q3

American investment bank and financial services corporation Citigroup Inc. reported on Friday earnings per share at $1.73 in the third quarter, marking a rise of 22% compared to the same period a year earlier and above analyst projections. Meanwhile, total revenue in the quarter ending September was largely unchanged year over year at $18.4 billion, below market expectations. Net income was reported at $4.6 billion, up 12% compared to last year and boosted by the lower effective tax rate.

"Our results this quarter showed solid year-over-year revenue growth across many of our businesses," Chief Executive Officer at Citi Michael Corbat commented. "We also grew loans and deposits while continuing to prudently manage risk as demonstrated by the stability of our credit portfolio," he added.

Shares of Citigroup jumped 1.3% in pre-market trading following the release of the earnings report.

Breaking the News / JC