(Reuters) – Citigroup Inc (C.N) beat analysts’ estimates for quarterly revenue and profit on Tuesday, as growth in its consumer banking business tempered weakness in trading. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren Citi, the most global of the U.S. banks, said revenue in its consumer unit rose 4% excluding the impact of currency fluctuations, outpacing its institutional clients business where revenue grew 3%. Consumer business was padded by more U.S. credit card customers beginning to pay interest as promotional periods wore off. North America branded card revenue jumped 11% in the third quarter. Expenses in the consumer business fell 2%. Trading revenue fell 1% as a decline in equities offset stable revenue in fixed-income trading. JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group Inc (GS.N) both reported a rise in revenue from bond trading. Citi also reached a key efficiency target. The third-largest U.S. bank by assets hit a return on tangible common equity (ROTCE) of 12.2%, above the goal of 12% it has promised investors for the year. ROTCE is a widely watched measure of how well a bank… Read full this story
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