Citigroup Q3 net plunges 88% to $468 million

Citigroup Q3 net plunges 88% to $468 million New York: Citigroup Inc., the third largest bank in the US, Monday said that its net income for the third quarter of 2012 dropped to USD468 million.

The decline in net income was due to write-down of its joint venture with Morgan Stanley, Smith Barney, Xinhua reported.

The results still outperformed predictions of analysts, as they expected a larger net income loss for the quarter.

The banking group's third-quarter net income of USD468 million, or USD0.15 per share, was down from last year's USD3.77 billion, or USD1.23 per share.

Excluding impact of credit valuation adjustments, debt valuation adjustments and loss from Smith Barney and tax benefits, Citi's profits were USD3.27 billion, or USD1.06 per share.

The better-than expected results were mainly contributed to strong bond and equity trading performance wider net interest margin and lower expenses.

Citi's share price soared by 4.72 percent to USD36.39 in midday trading Monday.