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
Shifting demand and margins in focus as Fastenal (FAST) prepares for Q4 report
Fastenal Company (NASDAQ: FAST) is gearing up to publish its fourth-quarter 2025 financial results, after effectively navigating an evolving market environment. The report is expected to shed light on the company's
Constellation Brands (STZ) gets through another difficult quarter with few gains
Shares of Constellation Brands (NYSE: STZ) stayed red on Friday. The stock has gained 4% in the past three months. The beverage company saw its sales and profits decline in
Earnings Preview: What to look for when Netflix (NFLX) reports Q4 2025 results
Netflix, Inc. (NASDAQ: NFLX) is expected to report Q4 results on January 20, amid expectations for strong revenue and earnings growth. The company is navigating a shifting streaming landscape where
