Citigroup fends off ultra-low interest rates, beats profit estimates in Q3

Citigroup Inc trounced estimates for third-quarter profit on Tuesday, as this year's rollercoaster ride for global financial markets drove a surge in the bank's trading revenue, countering the impact of ultra-low interest rates.

Adding to the bullish message from bumper results from peer JPMorgan, the bank reported respectively 18 per cent and 15 per cent jumps in revenue from bond and stock market trading and its shares rose around 2 per cent after the release.

With a coronavirus-driven recession crushing consumer and business confidence, and with it demand for loans, Citi reported its first outright fall in revenue this year,