Citigroup's results climb, buoyed by consumer bank

Citigroup Inc. (NYSE:C) said its third-quarter revenue rose 2%, as it suffered a drop in trading revenue but was boosted by the performance of its evolving consumer bank.

Quarterly revenue at the New York-based bank was $18.17 billion, up from $17.76 billion a year earlier and topping analysts' consensus forecast of $17.896 billion.

The bank's profit was $4.13 billion, up 8% from $3.84 billion a year earlier. Per-share earnings were $1.42. Analysts had expected $1.32 a share.

Like its peers on Wall Street, Citigroup was held back by a drop in its trading revenue, which was predicted by numerous banks after another tepid, low volatility quarter in the markets.

But it was also buoyed by a rise in its investment bank. It also was boosted by its consumer banking unit revenue, where Citigroup has been promising investors a turnaround in performance.

Citigroup's stock has risen 26% this year, by far the best among the U.S.'s six biggest banks, thanks in part to the announcement of a plan to return $60 billion in capital through 2020.

The shares rose 0.4% to $75.20 in premarket trading.

By Telis Demos