Citi also reached a key efficiency target. The third-largest U.S. bank by assets hit a return on tangible common equity of 12.2%, above the goal of 12% it has promised investors for the year.Citi has been focused on building credibility with investors after missing targets in recent years. Estimates often hovered below the bank’s stated goals, indicating Wall Street analysts were skeptical management could reach the targets it had set.
Net income applicable to the bank rose 6% to $4.9 billion, or $2.07 per share, in the third quarter from $4.6 billion, or $1.73 per share, a year earlier.Revenue was up about 1% at $18.57 billion. Analysts were expecting a profit of $1.95 per share and revenue of $18.5 billion, according to IBES data from Refinitiv.Our Standards:
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Citigroup posts strong trading results amid layoffs, beats profit estimatesCitigroup's trading results fell less than 1% amid hundreds of layoffs across the business, beating expectations for a 4% drop.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Fed's rate cut will be good for banks, KBW upgrades Citigroup, Bank of America and Goldman SachsKeefe, Bruyette & Woods upgraded the universal bank sector and shares of Citigroup, Bank of America and Goldman Sachs as the firms believes the Fed's policy will spur further economic growth. Well, thank God for that
Source: CNBC - 🏆 12. / 72 Read more »
JPMorgan beats profit estimates on strength in bond trading, underwritingJPMorgan Chase & Co beat Wall Street estimates for quarterly profit by a wide ma... No shit eh?. Who'da thought investors would be running for exits when global interest rates were dropping and corporate A-debt being bought up thanks to a decline in liquidity. They get bonuses for this?
Source: Reuters - 🏆 2. / 97 Read more »
BlackRock beat earnings expectations as technology services drive growth in a 'volatile' marketBlackRock beat earnings expectations as technology services drive growth but profits drop 8%
Source: BusinessInsider - 🏆 729. / 51 Read more »
BlackRock profit beats as its low-risk funds attract more moneyBlackRock Inc , the world's largest asset manager, beat analysts' esti... This company was the answer to a Jeopardy question last night. It 'beats as its'?
Source: Reuters - 🏆 2. / 97 Read more »
Citigroup plans to set up wholly-owned securities business in China: sourcesCitigroup Inc plans to set up a wholly-owned securities business in China, peopl... Be really surprised if it isn't set up as a separately capitalized entity, keeping the parent bankruptcy remote Only commenting to say that I liked the girl's outfit.
Source: Reuters - 🏆 2. / 97 Read more »