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Citigroup Q3 Earnings Beat Views, Shares Gain

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Shares of Citigroup Inc (NYSE: C) gained over 3 percent in pre-market trading after the bank reported better-than-expected earnings for the third quarter on Thursday.

The New York-based bank posted a quarterly profit of $4.29 billion, or $1.35 per share, versus $2.84 billion, or $0.88 per share, in the year-ago period. Excluding accounting adjustments, Citigroup earned $1.31 per share.

Its revenue dropped to $18.69 billion from $19.69 billion, while revenue excluding accounting adjustments fell 8 percent to $18.5 billion. Analysts were expecting a profit of $1.28 per share on revenue of $18.5 billion.

The average estimate among 85 Estimize users was for earnings of $1.36 per share and revenue of $19.02 billion.

Total revenue in Citicorp fell 2 percent to $17.28 billion, while revenue in Citi Holdings dropped 32 percent to $1.42 billion.

Its operating expenses shrank 18 percent to $10.7 billion in the quarter.

As of quarter end, Citigroup's loans declined 5 percent to $622 billion, while deposits slipped 4 percent to $904 billion.

Michael Corbat, Chief Executive Officer of Citigroup, said, "The quarter had more than its fair share of volatility and our results speak to the resilience of our franchise globally. And despite revenue headwinds, we once again proved our ability to manage our risk, our expenses and our capital. We remain on track to deliver our full-year efficiency and ROA targets. I feel good about the quality and consistency of our earnings over the course of this year, as we have continued to make solid progress against our core priorities."

Citigroup shares gained 3.17 percent to $52.33 in pre-market trading.

 

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