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Oct 14, 8:38 AM EDT

Citigroup beats 3Q net income and revenue expectations

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NEW YORK (AP) -- NEW YORK (AP) - Citigroup Inc. on Tuesday reported third-quarter net income of $3.44 billion.

The bank, based in New York, said it had earnings of $1.07 per share. Adjusted earnings were $1.15 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The U.S. bank posted revenue of $19.60 billion in the period, also exceeding Street forecasts. Analysts expected $19.02 billion, according to Zacks.

Citigroup shares have declined 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 1 percent. The stock has risen slightly more than 1 percent in the last 12 months.

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