Citigroup, Bank of America Beat Estimates

NEW YORK – Two of the nation’s largest banks, Citigroup Inc. and Bank of America Corp., on Thursday reported third-quarter earnings that were up from a year ago and beat Wall Street expectations thanks to strength in retail banking operations.

Citigroup, the nation’s largest financial institution, said earnings in the July-September period were a record $5.31 billion, or $1.02 a share, up 13 percent from a year ago. Analysts surveyed by Thomson First Call had projected third-quarter profits of 99 cents a share.

Strength in retail banking offset weaknesses in capital markets and bond trading, the New York-based bank said.

Profits in the July-September quarter compared with earnings of $4.7 billion, or 90 cents a share, in the same period a year earlier.

Revenues for the third quarter were $20.5 billion, up 6 percent from $19.4 billion a year ago.

Also Thursday, the Bank of America said its third-quarter earnings were $3.76 billion, or 91 cents a share, compared with profits of $2.92 billion, or 96 cents a share, a year earlier. The July-September results were a penny ahead of estimates from analysts surveyed by Thomson First Call. The per-share figures were lower because more shares were outstanding after the bank’s April merger with FleetBoston Financial Corp.

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