Citigroup Q3 results blow past analysts' estimates

(Sharecast News) - Banking heavyweight Citigroup posted far better-than-expected results for its third quarter. For the three months ending on 31 September net income edged up 2% to reach $3.55bn, for earnings per share of $1.63 (FactSet: $1.23).

Revenues net of interest expense meanwhile jumped by 9% to $20.14bn (FactSet: $19.3bn).

The Institutional Clients Group posted a 12% increase in revenues to $10.64bn, while the Personal Banking and Wealth Management unit saw revenues rise 10% to $6.78bn.

Dragging on the lender's bottom line was a 85% jump in net credit losses to $1.64bn, while provisions for income taxes by about a third to $1.84bn.

Citigroup's common equity Tier 1 capital ratio meanwhile improved from 12.3% to 13.5%.

As of 1501 BST, shares in Citigroup were advancing 3.3% to $42.90.

-- More to follow --