NEW YORK (AP):
CITIGROUP, THE largest U.S. financial institution, reported record profits of US$4.7 billion for the third quarter, well above Wall Street expectations.
The New York City-based bank said Monday that all of its divisions except private client services registered double-digit earnings growth.
Third-quarter profits amounting to 90 cents a share compared with earnings of US$4 billion, or 76 cents a share, in the July-September period a year earlier.
Analysts surveyed by Thomson First Call had projected earnings of 85 cents a share.
Many of the nation's banks have reported better-than-expected results this season because of improved investment banking business, the resurgent stock market and continuing strength in mortgage activity.
Chairman Sanford I. Weill said in a statement accompanying the report that earnings were boosted by "the strengthening global economy" as well as the bank's broad offering of services.
