Citigroup, the world's biggest banking group, has reported a 23% drop in net quarterly profits to $5.5 billion, but the figure was ahead of most estimates. Profits amounted to $1.10 per share, better than the average Wall Street estimate of $1.03.
Revenues for the July-September quarter were roughly flat at $21.4 billion as international growth was offset by a decline in US revenues, reflecting a weaker performance in its capital markets businesses.
With US growth slowing, Citigroup has been seeking more growth internationally. It has new partnerships in China, Turkey and Vietnam, among others.
International revenues increased 11% with the consumer sector up 9% and corporate and investment banking up 12%. US consumer revenues and net income increased by 1% and 23% respectively. Weaker results came from US corporate and investment banking, where revenues fell 6% and profits dropped 4%.
