Citibank posts $5.2B Q3 profit
Citibank achieved a net profit of $5.2 billion in the third quarter, representing an increase of 36.8% compared to the same period last year. Its revenues reached $23.8 billion. Bond, currency, and commodity trading activities, which exceeded analyst expectations by $4.4 billion, along with the services division that saw its revenues grow by 15% to $6.6 billion, contributed to the bank's strong performance. Although advisory activities related to mergers and acquisitions and underwriting revenues from debt instruments declined, the solid performance in fixed income trading offset these setbacks. The bank continues efforts to enhance returns and reduce expenses, achieving a return on equity of 12.6% during the first nine months of the year.
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