Citigroup earnings rise 74 percent, to 3.8 bln

[cyberpj]

Source: Associated Press

NEW YORK (AP) -- Citigroup's earnings rose 74 percent in the third quarter, to $3.8 billion, on an accounting gain and lower losses from loans.

The New York bank earned $1.23 per share, on revenue of $20.86 billion. That's up from income of $2.2 billion during the same quarter last year.

Citi's income included a $1.9 billion accounting gain related to its credit holdings. Excluding the gain, the earnings were equivalent to 84 cents per share. Analysts surveyed by FactSet predicted Citigroup would earn 82 cents per share.

Citi's stock rose 3.5 percent to $29.44 in early trading. Citi is the nation's third-biggest bank measured by assets.



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