October 15, 2019 / 12:15 PM / a month ago

Citigroup profit rises 6% on investment banking strength

FILE PHOTO: A view outside a branch of Citibank in Beijing, China, April 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo

(Reuters) - Citigroup Inc reported a 6% rise in third-quarter profit on Tuesday, driven by growth in its investment banking business and a smaller tax bill.

Net income applicable to the bank rose to $4.91 billion, or $2.07 per share, from $4.62 billion, or $1.73 per share, a year earlier.

Excluding the impact of a tax benefit, the bank earned $1.97 per share.

Total revenue rose about 1% to $18.57 billion.

Analysts had expected a profit of $1.95 per share and revenue of $18.55 billion, according to IBES data from Refinitiv. It was not immediately clear if the reported numbers were comparable with the consensus estimate.

Reporting by Sweta Singh in Bengaluru and Imani Moise in New York; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty

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