Citigroup’s profits surged in the third quarter, despite a loss on the sale of its Australia consumer banking business.
Citi registered $4.6 billion of net income in the third quarter, according to its latest results, marking a 48 percent year-on-year surge.
The American lender’s quarterly results also outperformed analyst forecasts of around $3.6 billion, according to consensus estimates from Refinitiv.
Australia Consumer Sales Loss
Citi’s outperformance was achieved despite a loss on the sale of its Australia consumer banking business which was part of broader plans to exit over a dozen retail markets.
Excluding the loss-making sale, Citi generated strong increases in both its consumer (45 percent to $1.3 billion) and institutional (21 percent to $3.4 billion) business.
In Asia, the two businesses generated a $342 million loss and $889 million net income, respectively.
