Citigroup reported its third-quarter results on Friday morning, with solid growth in both institutional clients and personal banking fueling higher-than-expected revenue and earnings per share.
Here’s what the company announced compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
Earnings per share: $1.63, or $1.52 when excluding the impact of divestitures, vs. expected $1.21. At this time, it is unclear if analysts included that divestitures item in their estimates.
Revenue: $20.14 billion, vs. expected $19.31 billion
Revenue and net income rose by 9% and 2%, respectively, year over year.
Citigroup’s institutional clients unit reported $10.6 billion in revenue, up 12% year over year and 2% from the second quarter. The bank said it was the best third quarter in the past decade for rates and currencies revenue.
Meanwhile, the personal banking and wealth management division generated .8 billion in revenue, up roughly 10% year…
2023-10-13 15:11:43
Post from www.cnbc.com
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