Service and wealth management businesses become key "engines"! Citi (C.US) Q3 net profit surged 40% year-on-year, EPS exceeded expectations

Citibank (C.US) outperformed market expectations in its third-quarter results, thanks to increased investment banking revenue, stronger transaction activity with multinational corporations, and profit growth in its wealth management business, according to Zhihu Finance APP. The financial report shows that Citi’s Q3 revenue rose 7.7% year-on-year to $23.845 billion, surpassing the market consensus by $80 million. Net profit was $5.245 billion, a 40% increase year-on-year. GAAP earnings per share stood at $2.85, $0.20 above market consensus expectations.