Citi Bank shares rise 5pc on big year in Q3

Citi, the world’s biggest bank by assets, rose 5pc to $2,845 in early trade on Thursday, marking a record-high for the company.

The stock, which was trading at $1,842 in mid-day, was the largest gainer in the S&P 500 in a year.

It beat analysts’ forecasts of a 5pc rise and a 3pc fall.

“This was a year that saw us achieve record revenue growth, which is our biggest revenue increase since the start of the year, and we also saw record asset growth,” Citi CEO Andrew Liveris said in a statement.

“We remain on track to deliver our fiscal year 2020 results in the high single digits, which will be good news for shareholders and the economy.”

Investors have been watching the bank’s results as they look ahead to a potential presidential election in 2020, with analysts suggesting the bank could be a big contender.

“The company is clearly on a mission,” David Zuercher, senior equity strategist at S&P Capital IQ, said in the statement.

“We are seeing a strong rebound in consumer spending, and this is in line with the bank having a better fiscal year and a better outlook for economic growth in 2020 than it had at the start.”

Shares in the bank rose more than 4pc in 2018, the most in a decade.

The bank is widely regarded as a safe haven for big banks because of its investment and lending policies.

It has a $2.3 trillion market capitalisation and is the third largest bank in the US.

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