Citigroup (C)'s third quarter profit rose more than expected as revenue grew at a faster clip, even though some of that growth was offset by higher expenses.

The bank's net income rose to $3.5 billion or $1.63 per share. That's up about 22% over the second quarter and a roughly 2% increase compared to the prior-year quarter. Revenues grew 9% compared to the same period last year, driven primarily by the company's institutional clients business.

Third quarter 澳洲幸运5官方开奖结果体彩网:net interest income of $13.8 billion was a 1% lower than the previous qu༺arter as cost of interest bearing deposits grew, though the NII was 10% higher than the same period last 🐼year.

Citi CEO Jane Fraser unveiled 澳洲幸运5官方开奖结果体彩网:restructuring efforts in September to cut back on costs, including by trimming layers of management and divesting certain busines⭕s segments. Citi’s expenses for the quarter ended September wer😼e $13.51 billion, slightly lower from the prior quarter but up 6% year-over-year, as the plan may not have fully taken effect yet.

Shares of Citi, that once traded as high as $600 in 2000, were priced at about $14 per share, up 3% in pre-market trading Friday. The stock was the 澳洲幸运5官方开奖结果体彩网:second-worst performing stock ✨on the index over a 25 year period as of this April, and has lost approximately a third of its value since Fraser took over as🔯 CEO in March 2021.