Citigroup Q3 results blow past analysts' estimates
By Alexander Bueso
Date: Friday 13 Oct 2023
(Sharecast News) - Banking heavyweight Citigroup posted far better-than-expected results for its third quarter.
For the three months ending on 31 September net income edged up 2% to reach $3.55bn, for earnings per share of $1.63 (FactSet: $1.23).
Revenues net of interest expense meanwhile jumped by 9% to $20.14bn (FactSet: $19.3bn).
The Institutional Clients Group posted a 12% increase in revenues to $10.64bn, while the Personal Banking and Wealth Management unit saw revenues rise 10% to $6.78bn.
Dragging on the lender's bottom line was a 85% jump in net credit losses to $1.64bn, while provisions for income taxes by about a third to $1.84bn.
Citigroup's common equity Tier 1 capital ratio meanwhile improved from 12.3% to 13.5%.
As of 1501 BST, shares in Citigroup were advancing 3.3% to $42.90.
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