Citigroup Third-Quarter Profits Up 27 Percent

October 17, 2000

Third-quarter profits at Citigroup Inc. rose 27 percent, driven by fees from advising on mergers and growth in its consumer bank arm. The New York-based company earned $3.09 billion, or 67 cents a diluted share, in the quarter, up from $2.44 billion, or 52 cents a share, one year ago.

The third quarter of 2000 includes a $15 million charge and $8 million in accelerated depreciation. Last year’s third quarter included a $31 million charge, a credit for the reversal of $41 million in prior charges and $25 million in accelerated depreciation. Revenues rose 15 percent to $16.8 billion in this year’s third quarter.

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