The net profit in it reported quarter rose 16% to $3.8 billioncompared to a year earlier, and the earnings per share grew 23%at $1.86.
The increase in profits occurred despite the fact that Citi took a loss of $726 million for the sale of a participation of 25% in its Mexican subsidiary Banamex.
Citi announced last month that it would sell a 25% stake in its Banamex retail unit to Mexican billionaire Fernando Chico Pardo, president of airport operator ASUR, for about $2.3 billion.
The sale triggered a $726 million writedown that reduced the bank’s third-quarter profits.
The bank planned to make a public offering for the rest of the unit, it had said at the time. However, in a surprise, the Mexican mining and transportation conglomerate Grupo México made an unsolicited offer of $9.3 billion for Banamex.
Citi re He rejected the offer last week.
The bank had bought Banamex in an operation for 12.5 billion dollars in 2001.
Chief Executive Jane Fraser decided to sell it as well as other overseas businesses, but Citi struggled to find a buyer after talks with Grupo Mexico fell through in 2023.
