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.

Also Read:  Box shares fall despite upbeat Q2 results

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

Chewy (CHWY) stock drops after reporting Q4 earnings; FY20 forecast not given

Online pet food seller Chewy Inc.'s (NYSE: CHWY) bottom line beat the market's estimates, while sales met the targets in the fourth quarter of 2019. The company posted a loss

Ford (F) got hit by COVID-19 and here’s why a recovery will not be easy

Ford Motor Company (NYSE: F) reported a 12.5% decline in total US vehicle sales for the first quarter of 2020. The sales numbers were heavily impacted by the coronavirus outbreak

US unemployment claims double to 6.6 million in a week; stocks fall

After climbing to a record high a week ago, jobless claims in the US more than doubled and reached unprecedented levels in the week ended March 28 as more and

2 thoughts on “Citigroup beats Q4 revenue and earnings estimates

Comments are closed.

Top