Citi stock surges after Citi hits record high with strong year-end results

Citi, the global investment bank that has been the subject of an FBI investigation since the 2016 hack of its financial system, has soared in 2017, boosted by strong results.

The company reported its third-quarter results for the year, which were up 10.5 per cent from a year ago, thanks to growth in retail banking and investments, and strong net sales in India.

The company said that retail banking revenue rose 2 per cent, driven by growth in mobile payments and increased use of mobile banking to process transactions.

It also saw an increase in investment and infrastructure spending in the US and Europe, as well as in China.

It reported net sales rose 6 per cent to $6.7 billion, with the profit-per-share rising to 29 cents from 26 cents in the previous quarter.

The results came as the government and the finance ministry agreed to the largest loan restructuring deal in the country’s history, in a move to shore up the financial system.

The deal was reached in a landmark deal with the US Federal Reserve and the Bank of Japan that would allow lenders to restructure the size of their loans, and lower their rates to help revive the financial sector.

It was the first such deal that had been agreed between the two major world lenders.

It is a significant blow to the government, which has been battling to rescue the financial services sector and has been grappling with the fallout from the US election.

The deal was signed in January, but it was only formally unveiled in October.

The agreement was hailed by many as a win for the economy, but has also drawn criticism from many quarters, particularly in India, where the market is highly sensitive to financial news.

India, which was hit hard by the cyber attacks in 2016, had been struggling to rebuild its battered financial sector and the government’s handling of the crisis, which left over 1.8 million people dead and triggered years of protests against the ruling party.

The new deal comes as the country struggles to recover from the devastating impact of the cyber-attack.

The government has promised to spend $1.5 trillion to rebuild the financial and credit system, and has promised a further $400 billion in aid.

Citi said it expects to record $2.6 billion in net profit in the three months to March 2018, a huge boost to the firm’s bottom line.

The investment bank’s share price jumped 20 per cent after the results were announced.


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