Citigroup beats on earnings results as its bread-and-butter business shines (C)

pulse

October 12, 2017 12:20 PM

Citi has beaten its EPS estimates every quarter since the start of 2014.

Citigroup handily beat analyst estimates Thursday, reporting third-quarter earnings of $1.42 per share, a nearly 8% beat.

Wall Street estimated earnings of $1.32 per share.

“We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth," Citi CEO Michael Corbat said in a statement. "We had revenue increases in many of the products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses."

Here are other third-quarter highlights:

Revenues
Net income
$4.1 billion, beating estimates of
Institutional Clients Group
Citi's bread and butter
fixed-income trading
End of period loans
Global consumer banking

Global consumer banking saw revenues grow 3% from last year to $8.4 billion, but net income dropped by 6% $1.17 billion, which the bank attributed to higher cost of credit.

This story is developing.

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