Citigroup earnings and revenue beat expectations

Citi Building Sign

Citigroup's earnings and revenue on Tuesday both beat expectations.

Citigroup said on Tuesday it would exit consumer banking in 11 more markets, as the most international of the big U.S. banks looks to shrink its way to better profits.

Citigroup also reported a 13 percent rise in adjusted third-quarter net profit, helped by better results from its portfolio of troubled assets left over from the financial crisis.

Adjusted net profit for the quarter rose to $3.67 billion, or $1.15 per share, from $3.26 billion, or $1.02 per share, a year earlier.

Analysts had expected earnings excluding items of $1.12 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable.

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After the earnings announcement, the company's shares rose slightly in pre-market trading. 

The company posted third-quarter earnings of $1.12 per share, up from $1.00 a share in the year-earlier period.

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Revenue increased to $ 19.05 billion from $18.22 billion a year ago.

Wall Street analysts had expected the bank to post earnings of $1.12 a share on revenue of $19.05 billion for the third quarter.

In mid-July, the bank said it planned to pay $7 billion to settle a U.S. government probe into mortgage-backed securities it sold.

Citigroup operates in more than 160 countries and jurisdictions with more than 200 million customer accounts.

-Reuters contributed to this report.

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