The third largest US bank, Citigroup (C) reported third-quarter earnings that surpassed Wall Street estimates. The company reported earnings of $1.73 per share, four cents higher than what analysts had expected on an average, riding on lower corporate tax.
Earnings for the quarter were also helped by a 3% and 4% increase in loans and deposits respectively. However, third-quarter revenue of $18.389 billion narrowly missed the projected top line of $18.501 billion.
The stock, which is down over 6% this year, increased 2% during the pre-market trading session on Friday.
For the third quarter, Citigroup reported in-line net interest margin of 22.7%, helped by a 7% decline in the effective tax rate.
Citigroup had last month announced that it was merging two of its businesses – Investment bank and capital markets – in order to gain a competitive edge in advisory and capital market deals.
Earlier today, rival JPMorgan Chase’s (JPM) shares rose over 1% during pre-market trading after it posted better-than-expected earnings during the third quarter, driven by strong performance in retail banking.
Most Popular
NFLX Earnings: Netflix Q1 2025 revenue and profit beat estimates
Netflix, Inc. (NASDAQ: NFLX) on Thursday reported stronger-than-expected revenue and earnings for the first quarter of 2025, as its subscriber base continued to expand. Both revenue and the bottom line
Another tough quarter in the cards as Intel prepares for Q1 2025 earnings
Intel Corporation (NASDAQ: INTC) has been facing intense competition from rivals Nvidia in AI chips and AMD in CPUs, lately. The Semiconductor giant issued weak guidance after reporting lower revenues
What to expect when American Airlines (AAL) reports Q1 2025 earnings results
Shares of American Airlines Group (NASDAQ: AAL) stayed red on Thursday. The stock has dropped 48% over the past three months. The airline is slated to report its earnings results
