Categories Earnings, Finance

Citigroup beats Q4 revenue and earnings estimates

Citigroup (NYSE: C) topped analysts’ expectations on revenue and earnings for the fourth quarter of 2019. Shares were up 0.62% in premarket hours on Tuesday.

Total revenues rose 7% year-over-year to $18.4 billion, beating estimates of $17.9 billion. Revenue growth was driven by strong results across the Institutional Clients Group and Global Consumer Banking businesses.

Citigroup beats Q4 2019 revenue and earnings estimates

Net income rose 15% year-over-year to $5 billion, driven by higher revenues and a lower effective tax rate. EPS jumped 31% to $2.15, beating forecasts of $1.85, helped by growth in net income and a reduction in average diluted shares outstanding.   

CEO Michael Corbat said, “Due to good client engagement, we drove balanced growth across our products and geographies, closing the year with 16 consecutive quarters of loan and deposit growth. The U.S. consumer franchise saw continued strong growth in Branded Cards and sustained its momentum in attracting digital deposits.”

End-of-period loans were $699 billion, up 2% from last year. End-of-period deposits were $1.1 trillion, up 6% from last year. Book value per share was $82.90 and tangible book value per share was $70.39, up 10% from last year.

Also read: JPMorgan Q4 2019 Earnings Report

Allowance for loan losses was $12.8 billion at quarter-end, or 1.84% of total loans, compared to $12.3 billion, or 1.81% of total loans, at the end of the prior-year period.

Revenues in the Global Consumer Banking division increased 5% to $8.5 billion, driven by growth across all geographic regions. Revenues in Institutional Clients Group increased 10%, aided by strength in Fixed Income Markets, Investment Banking, Treasury and Trade Solutions and the Private Bank.

Citigroup’s peer JPMorgan (NYSE: JPM) also reported its fourth quarter 2019 earnings results today, beating both revenue and earnings estimates.  

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

These fast-food stocks can strengthen your portfolio this year. Here’s why

For American restaurant chains, the early months of the pandemic were a challenging period. But soon things changed for the better as people started ordering their favorite food items online

What to expect when McCormick & Company (MKC) reports Q1 results next week

Shares of McCormick & Company, Incorporated (NYSE: MKC) were up over 2% on Friday. The stock has dropped 12% year-to-date. The condiments manufacturer is scheduled to report its first quarter 2023

KB Home (KBH) Earnings: 1Q23 Key Numbers

KB Home (NYSE: KBH) reported total revenues of $1.38 billion for the first quarter of 2023 which was relatively flat compared to the same period last year. Net income of

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top