Citigroup shares jump on $2.2bn profit in Q3

US banking giant Citigroup reported a quarterly net profit of $2.2bn in Q3, a 6% fall from the previous quarter but still ahead of expectations.

This compares with a loss of $3.2bn a year ago and is the third consecutive quarter it has reported a profit. The third largest US bank also reported a fall in losses from bad loans, from from $11bn last year to $7.7bn. However, Citigroup had trouble generating new business, with low trading volumes eating into its securities and banking operations. Revenues fell 10% to $20.7bn due to a decline in trading. Chief executive Vikram Pandit says: "Achieving our third straight quarter of positive operating earnings is continued evidence we are successfully executing our strategy. We beli...