Citigroup posts 9% revenue increase in 3rd quarter

By Ovunc Kutlu

ISTANBUL (AA) - American multinational investment bank and financial services corporation Citigroup saw its revenue increase by almost 9% in the third quarter of this year.

The company had a total revenue of $20.1 billion in July-September period of this year, which is up 8.6% from $18.5 billion in the same period of last year.

Net income increased by 2% to reach $3.55 billion, from $3.48 billion, during the same period.

"Markets was up 10% driven by strength in Fixed Income," Citigroup CEO Jane Fraser said in the statement. "U.S. Personal Banking also had double-digit revenue growth while a continued deceleration in spending indicates an increasingly cautious consumer."

Citigroup's stock price climbed to as high as $43.32 around 10:00 am EDT, while it was trading at $42.08 per share at 12:50 p.m. EDT for a daily gain of 1.35% after closing Thursday at $41.52 a share.