Citigroup’s profits jumped sharply

Citigroup came up with stronger-than-expected numbers in its third-quarter flash report. The bank reported revenue of $ 17.15 billion instead of the expected $ 16.97 billion, and $ 2.15 instead of the expected $ 1.65 on the EPS line. Third-quarter earnings were thus slightly lower than a year earlier, while earnings per share jumped nearly 40%.

The bank’s profit was $ 4.6 billion, up 48% from $ 3.1 billion a year ago, driven primarily by outstanding revenues from the securities trading business.

The most important numbers:

  • The bond and equities business performed heavily, with trading revenues totaling nearly $ 4.5 billion for the quarter. With this, the revenues of the equity trading business show a 40% increase in one year.
  • Citi also released $ 1.16 billion in provisions during the quarter due to an improvement in its loan portfolio.
  • Operating expenses increased 5% to $ 11.5 billion in one year, primarily due to restructuring and business development projects at the bank.

Citizen Group chief Jane Fraser commented on the figures in the quick report that nearly $ 11 billion has been returned to their shareholders this year through dividend payments and share repurchases.

For the time being, investors are positive about Citigroup’s figures, with the bank gaining 1.15% in pre-opening trading.

Cover image: Shutterstock

Source: – Bank by

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