Citigroup beats profit amid dealmaking rebound

Investing.com -- Citigroup Inc. reported a stronger-than-expected third-quarter profit as a rebound in dealmaking lifted results across its major businesses.

Citi and its Wall Street peers have benefited from a resurgence in corporate activity as companies pursued large mergers and capital-raising deals.

Shares of Citi were up about 1% in premarket trading.

The bank’s net income rose to $3.8 billion, or $1.86 per share, from $3.2 billion, or $1.51 per share, a year earlier.

Excluding a goodwill impairment tied to the partial sale of its Banamex unit, adjusted EPS was $2.24, well above analysts’ estimate of $1.75.

Revenue climbed 9% to $22.1 billion, also topping forecasts.

CEO Jane Fraser said all five of Citi’s core businesses notched record quarterly revenue, with particular strength in investment banking, trading, and wealth management.

Banking revenue surged 34%, while markets revenue rose 15% despite muted volatility. The lender also returned over $6 billion to shareholders through buybacks and dividends during the quarter.

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