Citigroup profit beats on investment banking boost

REUTERS: Citigroup Inc reported a better-than-expected quarterly profit on Monday, boosted by a surge in investment banking revenue and lower expenses.

But a 24 percent drop in equities trading pressured Citi's overall revenue, which fell 2 percent to US$18.58 billion and came in slightly below analysts' estimates. Earlier this year, the bank said it would earn US$2 billion more in revenue from lending activities than it did in 2018.Total loans at the third-largest U.S. bank by assets rose 3 percent to US$682.3 billion, while deposits grew 5 percent to US$1.03 trillion, excluding foreign exchange fluctuations.

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