(Corrects headline and paragraph 1 to show that profit fell
10.5 percent, not 7.8 percent)
Oct 14 Citigroup Inc, the fourth-biggest
U.S. bank by assets, reported a 10.5 percent fall in quarterly
profit on Friday, hurt by lower revenue from equity trading.
The bank's net income fell to $3.84 billion, or $1.24 per
share, in the third quarter ended Sept. 30 from $4.29 billion,
or $1.35 per share, a year earlier.
Total adjusted revenue fell 4 percent to $17.76 billion.
Analysts on average had estimated earnings of $1.16 per
share. It was not immediately clear if the results were
Equity markets revenue fell about 34 percent, driven by
lower market activity.
In the year-earlier quarter, the bank recorded a gain of
$180 million on the sale of a business in Mexico and a $140
million valuation adjustment in its equity markets division.
Citigroup, the most international of the large U.S. banks,
has been exiting less-profitable operations in markets around
the world, consolidating back offices and cutting jobs to become
Adjusted revenue from Citicorp, the bank's core business,
rose 0.6 percent to $16.88 billion, while expenses rose 3
percent to $9.58 billion.
Earlier on Friday, JPMorgan Chase & Co reported a
7.6 percent drop in quarterly profit after recording a tax
expense, compared with a rare tax benefit a year earlier, but
both revenue and profit beat analyst estimates.
Wells Fargo & Co reported a 3.7 percent fall in
(Reporting by Sweta Singh in Bengaluru and David Henry in New
York; Editing by Anil D'Silva)