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Citigroup beats on earnings results as its bread-and-butter business shines
12 October 2017, 07:32 | Hattie Nash
Analysts had, on average, estimated earnings per share of $1.32, according to Thomson Reuters I/B/E/S.
Commenting on the lender's latest set of results, chief Michael Corbat said: "We had revenues in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".
"We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses", Citigroup chief executive Michael Corbat said.
The fourth-biggest USA bank by assets said on Thursday total revenue rose about 2 percent to US$18.17 billion, topping expectations of US$17.90 billion.
HSBC appoints new CEO to replace retiring Stuart Gulliver
London-based HSBC on Thursday named John Flint , now head of its retail bank, as its new Chief executive, effective February 21. He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation.
Results included a $355 million gain, worth 13 cents a share, from the previously disclosed sale of a fixed income market analytics and index business. EPS was down 2%, excluding this item. Citigroup Inc reported fixed income markets revenue of $2.88 billion. Deposits were up 3% to $964 billion in the same time. Total consumer net profit fell 6 percent with income in its core North American market down 16 percent as provisions for bad debts rose.
Wall Street banks have seen major declines in market trading activity, which was boosted past year on global macroeconomic uncertainty, especially around Brexit and the USA presidential election.
Credit losses were up by 17% on the year to $1.77bn, offset by a 2% fall in operating expenses to $10.2bn.
Trading revenue has cast a dark cloud over bank results. Bank of America, Citi, and JPMorgan have been bracing for 15% and 20% hits to trading revenues.
Zverev brutalises racquet in loss to Del Potro
Earlier on Thursday, Grigor Dimitrov booked his place in the quarter-finals, downing Sam Querrey 6-3 7-6 (7-3). I'm a bit pissed off about that, because I feel like I played well and I feel like that's the upsetting part.
Global consumer banking saw revenues grow 3% from previous year to $8.4 billion, but net income dropped by 6% $1.17 billion, which the bank attributed to higher cost of credit.
Within ICG, Banking revenues jumped 16% to $4.6bn, helped in part by hedges on loans and a 14% rise in investment banking income to $1.2bn - with equity underwriting making a "particularly" solid contribution.
On the other hand, equity markets revenues improved 16% to $757m thanks to growth in the cash equities business. The financial services company reported earnings per share of $1.42 for the quarter on revenue of $18.17 billion.
Citi has beaten its EPS estimates every quarter since the start of 2014.
Did Shahid Kapoor watch Padmavati trailer in advance?
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Heated confrontation between Florida doctor and patient
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Gal Gadot may to star in post WWII revenge thriller 'Ruin'
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Former Colts DE Kendall Langford signs with Texans
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Reviewing the Insider Trends for Alaska Air Group, Inc. (ALK)
The expected ALK's profit could reach $302.62M giving the stock 8.26 P/E in the case that $2.45 earnings per share is reported. Investors often use this ratio to evaluate what a stock's fair market value should be by predicting future earnings per share.