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NEW YORK (AP) — Citigroup Inc. on Tuesday reported higher third-quarter earnings, driven by a lower effective tax rate and higher revenue, partially offset by higher expenses and cost of credit.
The New York-based company said it earned $4.91 billion, or earnings of $2.07 per share. Earnings, adjusted for non-recurring gains, came to $1.98 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.
The U.S. bank posted revenue net of interest expense was $18.57 billion, falling short of Street forecasts. Three analysts surveyed by Zacks expected $18.6 billion.
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