This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-15338393

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Citigroup's third quarter earnings beat expectations Citigroup's third quarter earnings beat expectations
(40 minutes later)
Citigroup has reported a 74% increase in its third quarter profit.Citigroup has reported a 74% increase in its third quarter profit.
The US bank posted $3.8bn (£2.4bn) of net income, marking its seventh consecutive quarter of being in profit. href="http://www.citi.com/citi/press/2011/111017a.htm" >The US bank reported net income of $3.8bn (£2.4bn), marking its seventh consecutive quarter of being in profit.
The earnings were aided by the fact that the business set aside less money to cover bad loans. The earnings were helped by the fact that the business set aside less money to cover bad loans.
The figures contrast with last week's results from JP Morgan Chase which reported a 4% fall in net income. Revenues were also lifted by an accounting gain, termed a credit valuation adjustment (CVA), which lenders can make when the markets are turbulent.
Citigroup said its revenues would have been 8% lower on the year had it not made the change to its numbers.
JP Morgan Chase made a similar adjustment to its profits when it reported a 4% fall in its net income last week.
Improved asset quality
Citigroup is the third biggest bank in the US by assets and received two government bailouts in 2008.
The latest results suggest its exposure to risky assets has continued to fall.
The bank said its holdings of non-accrual corporate loans was 58% lower than the previous year at $4.2bn, while its exposure to non-accrual consumer loans fell 36% to $7.9bn.
Loans are classed as being non-accrual if the borrower does not pay off the interest rate or principal for 90 days or more, putting them at risk of default.
Citigroup said it also benefited from a fall in the number of retail customers defaulting on their credit card bills and other loans.
However, the bank said revenues from its investment banking business were 21% down on the year because of a drop-off in mergers and acquisitions and corporate fund raising.
"Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results," said Vikram Pandit, the bank's chief executive.