UPDATE: Citigroup Posts Downbeat Q3 Profit

Citigroup

reported a rise in its third-quarter profit. Citigroup's quarterly profit surged to $3.2 billion, or $1 per share, from $468 million, or $0.15 per share, in the year-ago quarter. Its adjusted earnings came in at $1.02 per share. Its total net revenue surged 30% to $17.9 billion from $13.7 billion. However, analysts were projecting earnings of $1.05 per share on revenue of $18.58 billion. Citigroup's net credit losses declined 38% to $2.4 billion. Citigroup shares fell 1.31% to $48.95 in pre-market trading.