Citigroup beats forecasts with 12% income jump

Siddharth Cavale Citigroup has reported a better-than-expected quarterly profit, helped by lower expenses, higher bond trading revenue and strength in its consumer banking business in Mexico.

Citigroup has reported a better-than-expected quarterly profit, helped by lower expenses, higher bond trading revenue and strength in its consumer banking business in Mexico.

Net income for the third-largest US bank rose to $4.62bn (€4bn) in the third quarter from $4.13bn a year earlier. Investors have been waiting to see how trading revenue fared at the five big Wall Street banks due to an escalating US-China trade war and executives warning that the business’s growth would be muted.