Tuesday’s third-quarter earnings from Citigroup, which included growth in wealth management and investment banking, exceeded Wall Street’s forecasts.
The bank did, however, put aside additional funds to cover possible loan losses. In Tuesday’s premarket trade, the bank’s shares were up 2%.
The following contrasts the company’s report with the expectations of Wall Street analysts polled by LSEG:
Earnings per share: $1.51 up from the anticipated $1.31 $19.84 billion anticipated versus $20.32 billion in revenue With a 31% increase in its investment banking division, Citigroup’s banking division recorded an 18% year-over-year increase in revenue.
The wealth revenue increased by 9%. After a year of $3.5 billion, or $1.63 per share, net income dropped to $3.2 billion, or $1.51 per share.
A net increase of $315 million in Citi’s reserve for credit losses, along with a higher cost of credit, harmed earnings. Revenue was $20.32 billion, up 1% from $20.14 billion the previous year.
Source (CNBC)
