Categories AlphaGraphs, Earnings, Finance, LATEST

Citigroup posts mixed results in Q3, shares up 2%

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.

Citigroup Q3 2018 earnings alphagraphic

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.

Citigroup earnings beat view; stock dips on revenue miss

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings


Add Comment
Viewing Highlight