Citigroup Third-Quarter Profit Tops Expectations
October 15 2019 - 8:48AM
Dow Jones News
By David Benoit and Ben Eisen
Citigroup Inc. on Tuesday said its third-quarter profit rose 6%
and beat expectations.
The New York bank posted a net income of $4.91 billion, or $2.07
a share, compared with $4.62 billion, or $1.73 a share, a year
earlier. Analysts had expected $1.95 per share, according to
FactSet.
Revenue rose to $18.57 billion from $18.39 billion a year
earlier. Analysts had expected $18.54 billion.
The consumer operations posted revenue of $8.66 billion and
profit rose to $1.58 billion. The corporate bank's revenue climbed
to $9.51 billion and its profit increased to $3.16 billion
The bank hit a key promise by getting its return on tangible
common equity to 12.2% for the quarter and up to 12% for the whole
year. Analysts had raised some questions about whether it would hit
the 12% mark this year.
Citigroup's stock has been the best performing of the big banks
for the year so far, up 35%, far outpacing rivals in the KBW Nasdaq
bank Index and the broader market as it has steadily pushed profits
higher. Still, unlike most of its rivals, Citigroup's stock trades
below book value, or its net worth.
The shares were down slightly in premarket trading.
Write to David Benoit at david.benoit@wsj.com and Ben Eisen at
ben.eisen@wsj.com
(END) Dow Jones Newswires
October 15, 2019 08:33 ET (12:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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