New York, Oct 16 (IANS): Citigroup Inc., the third largest bank in the US, Monday said that its net income for the third quarter of 2012 dropped to $468 million.

The decline in net income was due to write-down of its joint venture with Morgan Stanley, Smith Barney, Xinhua reported.

The results still outperformed predictions of analysts, as they expected a larger net income loss for the quarter.

The banking group's third-quarter net income of $468 million, or $0.15 per share, was down from last year's $3.77 billion, or $1.23 per share.

Excluding impact of credit valuation adjustments, debt valuation adjustments and loss from Smith Barney and tax benefits, Citi's profits were $3.27 billion, or $1.06 per share.

The better-than expected results were mainly contributed to strong bond and equity trading performance wider net interest margin and lower expenses.

Citi's share price soared by 4.72 percent to $36.39 in midday trading Monday.