ibusinesslines.com
ibusinesslines.com July 18, 2018


Citigroup's Results Climb, Buoyed by Consumer Bank

13 October 2017, 11:01 | Kelvin Horton

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.



Other News

Trending Now

Loot crates don't class as gambling to video game rating boards
This includes titles such as Middle-Earth: Shadow of War , Star Wars: Battlefront II , Forza Motorsport 7 , and Destiny 2 . ESRB's website notes that it has two categories for gambling : real gambling and simulated gambling .

Jason Momoa's Tasteless 'Game Of Thrones' Rape Joke Resurfaces Amid Weinstein Scandal
I'm not a rapist! "Tonight i saw a disgusting clip of jason momoa making a rape joke and i am absolutely repulsed". Weiss and David Benioff, who frequently employ brutal rape scenes as plot devices on the show, are laughing too.

Former DHS chief of staff nominated to be homeland security secretary
President Donald Trump is expected to nominate White House aide Kirstjen Nielsen as his next secretary of Homeland Security. Kelly is one of the top officials who have been advocating for her selection for quite some time.

Oil prices sink after International Energy Agency's outlook
Energy Information Administration due later Thursday to show a decline in crude stockpiles for the week ended October 6. The U.S. bank said oil supply and demand fundamentals meant it expected Brent to average $58 a barrel in 2018.

Brooklyn home invasion leaves man, 91, dead and wife injured, NYPD says
Grose said the Thompsons had been married for decades, and now Ethlin Brumley will be without her partner. They tied up the couple and rummaged through the house, one of several row homes on the block.

Goodyear increases dividend on common stock 40 percent
As long as profit margins and other details stay intact, Cooper Tire & Rubber Company can continue to provide value for investors. The stock of Goodyear Tire & Rubber Co (NASDAQ:GT) has "Buy" rating given on Tuesday, November 22 by Berenberg.

Yankees push Sonny Gray way back in ALCS starters reveal
Rounding out the Yankees rotation are Masahiro Tanaka (13-12, 4.74 ERA), Luis Severino (14-6, 2.98) and CC Sabathia (14-5, 3.69). The Astros and Yankees ranked first and second in runs scored (896, 858) and home runs (238, 241) during the regular season.