Markets

Citigroup Inc (C) Q3 Earnings Beat, Despite Very Weak Fixed Income Performance

Citigroup Inc (C) Q3 Earnings Beat, Despite Very Weak Fixed Income Performance

The latest quarter's results include a gain of $580 million pre-tax, or $355 million after-tax, on the sale of a fixed income analytics business, which contributed $0.13 to earnings per share.

Citigroup's third-quarter net income rose to $4.13 billion or $1.42 per share from $3.84 billion or $1.24 per share in the year-ago period.

Revenues rose 2.3% from previous year to $18.17 billion, also beating analysts' view for $17.87 billion. The financial services company reported earnings per share of $1.42 for the quarter on revenue of $18.17 billion. This is down 16% from its fixed income markets revenue of $3.41 billion reported during the same time a year ago.

First, JPMorgan earned $1.76 per share, well above Wall Street's consensus estimate of $1.65 as revenue from fixed income trading plunged 27% from the same point past year.

Citigroup's stock has risen 26% this year, by far the best among the U.S.'s six biggest banks, thanks in part to the announcement of a plan to return $60 billion in capital through 2020.




Shares in Citigroup Inc. Total consumer net profit fell 6 percent with income in its core North American market down 16 percent as provisions for bad debts rose.

The increase in revenues were driven by growth in both the Institutional Clients Group and Global Consumer Banking segments, partially offset by lower revenues in Corporate/Other segment primarily due to the continued wind-down of legacy costs.

FILE PHOTO - Citigroup CEO Michael Corbat (C) chats with Thomson Reuters CEO Jim Smith and his wife Pam Kushmerick at the Thomson Reuters reception prior to the White House Correspondents' Association Gala in Washington, DC, U.S. on April 27, 2013.

NEW YORK (AP) - Financial conglomerate Citigroup said its third-quarter profits increased 8 percent from a year earlier, helped by a boost in its investment banking division. The branded cards business has seen loss rates rise as some customers who the bank has added in recent years during a growth push have missed payments.

Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the USA election.


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