Citigroup has reported higher quarterly earnings, helped by an accounting gain, but warned that developed markets could face weak growth for years.

The bank’s shares fell yesterday. Stripping out the accounting gain, third-quarter earnings were better than expected but senior bank executives sounded cautious notes on the economy and lending margins. Citigroup, the third-largest US bank by assets, reported net income of $3.77 billion (€2.74 billion), up from $2.17 billion a year earlier. – (Reuters)