Citigroup beats estimates as cost cuts outpace revenue

NEW YORK: Citigroup Inc, the US bank that gets more than half its revenue from abroad, boosted profit more than analysts estimated after a drop in legal costs helped it cut expenses faster than revenue fell. The shares climbed in early trading.

Third-quarter net income rose 51% to US$4.29bil, or US$1.35 a share, from US$2.84bil, or 88 cents, a year earlier, the New York-based lender yesterday in a statement. Earnings amounted to US$1.31 a share excluding accounting adjustments, beating the US$1.27 average estimate of 26 analysts surveyed by Bloomberg.