Financial services company Citigroup says third-quarter profit rose 20 per cent to a record high on double-digit growth in its consumer business and in investment banking.
The New York-based company said today net income rose to $4.69 billion, or 90 cents per share, from $3.92 billion, or 76 cents per share, a year earlier.
Analysts polled by Reuters Research, a unit of Reuters Group, on average forecast profit of 85 cents per share.
Excluding discontinued operations, Citigroup earned $3.71 billion, or 72 cents per share, a year earlier. Revenue rose 10 per cent to $19.4 billion.
It was the last quarter under the helm of 70-year-old Sanford "Sandy" Weill, the legendary Wall Street dealmaker, as chief executive although he remains chairman.
Mr Charles Prince, 53, Weill's longtime confidant and head of Citigroup's global corporate and investment bank, became chief executive on October 1st.
Citigroup shares closed last Friday on the New York Stock Exchange at $48.38. They have risen 37 per cent this year, compared with a 15 per cent rise in the Standard & Poor's banks index.