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.
Breaking Bad house owners build fence after pizza stunts
Quintana added that it is not just the pizzas , as some fans steal rocks from the home's landscaping to take home as souvenirs. Show creator Vince Gilligan even made a public plea back in 2015 for people to stop throwing pizzas on the roof.
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.
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.
Gal Gadot may to star in post WWII revenge thriller 'Ruin'
But apparently, " Ruins " is totally a world away from being a goddess, which she usually played during her previous movies . Indeed, this upcoming project is yet another significant role that the Israeli actress will portray on the big screen.
Heated confrontation between Florida doctor and patient
Gallogly says he went to the waiting room because Stipe demanded to see him, which is when the argument on tape happened. She says she waited for more than an hour there, then decided she was too weak to stay and wanted to go home.
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.
Former Colts DE Kendall Langford signs with Texans
He's an awesome human being, and he will work extremely hard to be back, to be back to play for this football team. The Texans also reportedly plan to sign Kendall Langford , according to the Houston Chronicle's Aaron Wilson .