Citigroup beats estimates

The bank's quarterly earnings of $2.2 billion top Wall Street expectations, though revenue falls just short.

By TheStreet Staff Oct 18, 2010 10:36AM

By Laurie Kulikowski, TheStreet

Citigroup (C) earned $2.2 billion, or 7 cents a share, in the third quarter, topping Wall Street expectations.

On a continuing operations basis, earnings were 8 cents a share, and revenue came in at $20.7 billion. Analysts, on average, expected earnings of 6 cents a share on revenue of $21 billion.

Citi took an after-tax charge of $435 million ($800 million before taxes) on the sale of Student Loan Corp. (SLC) to Discover Financial Services (DFS), announced in September.

Citicorp's net income was $3.5 billion and revenue was $16.3 billion, while Citi Holdings reported a net loss of $1.1 billion on $3.9 billion in revenue.

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Citi shares were rising 3.5% Monday morning to $4.09.

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