BofA, Citigroup release third quarter results

20 October 2006

Both Bank of America and Citigroup released their third quarter results yesterday, with both financial giants reporting increased profits.

Bank of America saw $5.42 billion in net income over the quarter, up from £3.84 billion for the same period last year – a rise of 41 per cent.

Revenue was also up by 32 per cent, with strong performance in credit card and checking account services.

Commenting on the results, Kenneth D Lewis, the bank's chairman and chief executive said: "Bank of America turned in another solid performance this quarter, highlighted by strong sales, good expense control and excellent execution across the company."

Citigroup saw more modest increase in net income from continuing operations of six per cent, while international revenues rose by 11 per cent.

However, Citigroup chief executive Charles Prince said that more needed to be done to ensure further growth for the remainder of the year.

"As we move into the fourth quarter, our priorities remain clear: executing on our strategic initiatives to drive organic growth, targeted acquisitions, expense discipline, and generating revenue and earnings growth and superior returns for our owners," he said.

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