Citigroup beats on Q3 earnings

Citigroup just reported third-quarter earnings and beat expectations.

The bank delivered adjusted earnings per share of $1.24 on revenues of $17.76 billion.

Analysts expected adjusted earnings per share of $1.16 on revenue of $17.29 billion, according to Bloomberg.

“I am very encouraged by the underlying momentum across our franchise, notably in several areas where we have been investing,” CEO Michael Corbat said in a statement.

“In the quarter, both our Global Consumer Bank and Institutional Clients Group had solid year-over-year revenue increases in nearly every business line and geography.”

The firm beat expectations on investment banking and trading. Here’s the breakdown:

  • Total trading revenues came in at $4.53 billion, ahead of analyst expectations of $3.74 billion.
  • Fixed income trading revenue came in at $3.47 billion ($2.95 billion expected).
  • Equity trading revenues were $663 million ($785.6 million expected).
  • Investment banking revenues came in at $1.09 billion, slightly ahead of expectations of $1.06 billion.

In the same quarter last year, Citi reported earnings per share of $1.31 ($1.28 expected)
on revenue of $18.5 billion ($18.6 billion expected).

JPMorgan reported third-quarter earnings earlier on Friday and beat expectations, while Wells Fargo did the same.

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