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UPDATE 1-Citigroup profit rises on asset sale gain, lower costs

UPDATE 1-Citigroup profit rises on asset sale gain, lower costs
From Reuters - October 12, 2017

(Reuters) - Citigroup Inc (C.N) reported a higher quarterly profit as it kept costs lower, recorded a large gain from an asset sale and had a smaller-than-expected decline in trading revenue.

Revenue from trading bonds and stocks fell 11 percent from a year earlier but the figure was not as bad as the 15 percent decline Chief Financial Officer John Gerspach projected at a conference three weeks before the end of the third quarter.

The companys shares were slightly higher at $75 in pre-market trade.

Major Wall Street banks have seen a steady decline in market trading activity, which was boosted last year on higher global macroeconomic uncertainty, especially around Brexit and the U.S. presidential election.

The fourth-biggest U.S. bank by assets said on Thursday that net income rose to $4.13 billion in the third quarter ended Sept. 30 from $3.84 billion a year earlier.

Earnings per share rose about 15 percent to $1.42 from $1.24 as the company shrank the number of shares outstanding by 7 percent - buying back stock under its biggest capital return plan approved by the U.S. Federal Reserve.

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