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Citigroup Inc. (C), the third-biggest U.S. bank, reported a surprise profit of $468 million for the third quarter, helped by a $582 million tax benefit and bond- trading revenue that beat analysts’ estimates.Pedestrians pass in front of a Citigroup Inc. bank branch in New York. Photographer: Peter Foley/Bloomberg
Net income, which included a $2.9 billion writedown on the Smith Barney brokerage, was 15 cents a share, and compared with $3.77 billion, or $1.23 a share, a year earlier, the New York- based bank said today in a statement. Excluding one-time items and the tax benefit, profit was $1.06 a share, beating the 97- cent average estimate of 25 analysts surveyed by Bloomberg.
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