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Citigroup's Results Climb, Buoyed by Consumer Bank
13 October 2017, 11:01 | Kelvin Horton
Thomson Reuters Citigroup handily beat analyst estimates Thursday reporting third-quarter earnings of $1.42 per share a nearly 8% beat
JPMorgan, the largest US bank by assets, also topped expectations as loan growth and higher interest rates more than offset a 27 percent slide in bond trading. Citi reported a 3% year-on-year rise in global consumer banking revenue, while in North America retail banking jumped by 12%, excluding mortgages.
The drop in C stock is likely connected to its fixed income markets revenue for the third quarter of 2017.
For the three months ending in September, the lender clocked in with earnings per share of $1.42, besting analysts' estimates for profits of $1.32. Earnings per share rose about 15 percent to $1.42, bolstered by the bank's move to reduce its shares outstanding by 7 percent.
Revenues rose 2.3% from past year to $18.17 billion, also beating analysts' view for $17.87 billion.
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 shares have had a strong run-up this year, climbing 26 percent partly due to its share buyback plan. JPMorgan's net interest income, or the difference between what it pays for funds and collects from lending them out, rose 10 percent.
From a bird's eye view, global consumer banking revenues were up 3% year-on-year to reach $8.43bn and by 9% at its institutional client group to $9.23bn, but corporate revenues cratered 55% to $509m reflecting the wind-down of legacy assets.
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.
The store cards business has been grappling with less successful collection efforts after accounts become delinquent.
Citigroup Inc's earnings for the third quarter of the year were also up when compared to the same period last year.
Hopes are fading that U.S. President Donald Trump will be able to stimulate bond trading activity and boost demand for loans through a yet-to-materialize tax overhaul and loosening in financial regulations.
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