(Reuters) – Citigroup Inc reported a better-than-expected quarterly profit on Friday, helped by higher bond trading revenue and strength in its consumer banking business in Mexico.
The Wall Street bank’s shares rose 2.82 percent in early trading.
Bond - Trading - Revenue - Citi - Percent
Bond trading revenue at Citi rose 9 percent, in sharp contrast to bigger rival JPMorgan Chase & Co , which reported a 10 percent drop in bond trading revenue earlier on Friday.
Citi said in September total fixed income and trading revenue was likely to be flat to slightly higher, while investment banking revenue would be slightly lower to reflect volumes and transactions that may close in the fourth quarter.
Investment - Banking - Revenue - Percent
Investment banking revenue fell 8 percent to $1.2 billion.
Consumer banking revenue in Latin America rose 20 percent, including a gain on the sale of an asset management business in Mexico. Excluding that gain, revenue rose 8 percent and boosted total global consumer banking revenue up 3 percent...
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