Citi posts robust quarterly earnings, beating forecasts

US banking giant Citigroup on Monday said it had a made a profit of 2.2 billion dollars in the third quarter of the year, up from 101 million dollars from the same period last year.
The New York-based bank's earnings were higher than analysts' expectations, with Citi posting a seven cent per share profit, one cent above forecasts.
"Achieving our third straight quarter of positive operating earnings is continued evidence that we are successfully executing our strategy and we believe we have put in place all the elements for continued profitability," Citi chief executive Vikram Pandit said in a statement.
The bank expected its fourth quarter profit to reach 2.6 billion dollars, or eight cents per share.
The results contrast sharply with the same period last year when Citi was struggling to keep its head above water during the financial crisis which required a government bail out of 45 billion dollars.
Citi, like many leading US banks, today faces new trouble as a scandal over banks' foreclosures processing practices threatens mortgage lenders' as they come under new scrutiny and possible lawsuits.
The bank's third quarter revenues dropped 1.3 billion dollars, or six percent, from the previous quarter to 20.7 billion dollars, due primarily to a decline in consumer lending and banking services.
Revenues were slightly below analysts' expectations of 21.15 billion dollars.
In July, the bank posted a 2.7-billion-dollar profit, down nearly 40 percent from the same period last year.