(Reuters) – Citigroup Inc (C.N) reported higher profit and revenue on Tuesday, driven by growth in its global consumer business and lower expenses.
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
Citi, the most global of the U.S. banks, said revenue in its consumer business rose 4% excluding the impact of currency fluctuations, outpacing its arm that caters to institutional clients where revenue grew 3%.
Consumer business was padded by more U.S. credit card customers beginning to pay interest as promotional periods wore off. North America branded card revenue jumped 11% in the quarter.
Trading revenue fell 1% as a decline in equities offset stable revenue in fixed-income trading.
Citi also reached a key efficiency target as it reported higher-than-expected earnings, driven by a lower tax rate.
The third-largest U.S. bank by assets hit a return on tangible common equity (ROTCE) of 12.2%, above its goal of 12% it has promised investors for the year.
ROTCE is a widely watched measure of how well a bank uses shareholder money to generate profits.
Citi has been focused on building credibility with investors after missing targets in recent years. Estimates often hovered below the bank’s stated goals, showing Wall Street analysts were skeptical the management could reach the targets it set.
Citi’s net income applicable to the bank rose 6% to $4.9 billion, or $2.07 per share, in the third from $4.6 billion, or $1.73 per share, a year earlier.
Excluding the impact of a tax befit, the bank earned $1.97 per share.
Revenue was up about 1% at $18.57 billion.
Analysts were expecting a profit of $1.95 cents per share and revenue of $18.5 billion, according to IBES data from Refinitiv.
Reporting by Sweta Singh in Bengaluru and Imani Moise in New York; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty
- Dealmaking helps Deutsche Bank deliver biggest profit in a decade
- ICICI Bank Q3 Results: Profit rises 25% YoY to Rs 6,194 crore; NII jumps 23%
- What triggered 50% jump in IndusInd Bank's Q3 profits
- UOB Malaysia’s proposed acquisition of Citibank’s consumer banking biz is credit positive, says RAM Ratings
- 'Fatally Flawed': Consumer-Owned Power Proponents Say Mills' Utility Plan Isn't Enough
- Kotak Bank Q3 Results: Profit rises 15% YoY to Rs 2,131 crore
- Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case
- Banks reach for the stars with tie-ups
- Citigroup brings in miscarriage and menopause leave for staff
- YES Bank: Why are analysts wary of the stock despite a beat on Q3 net profit?
- Apple sales and profit top estimates as hit from chip shortages eases
- Stocks in the news: RIL, SBI Life, ICICI Bank, JSW Steel, Voda Idea and Yes Bank
|Power Support's Hello Kitty Crystal Jacket for iPod nano (4th Gen.) check it now at Amazon||White Dial Stainless Steel Solar Powered Men's Sports Analog Watches Dual Time Military Wristwatch check it now at Amazon||CASIO G-SHOCK BLACK X BLUE SERIES (GW-M5610BA-1JF) 6 MULTIBANDS SOLAR POWERED MEN'S WATCH5.0★ / $342.94||Casio STANDARD Tough Solar Powered Men's Watch AQ-S810W-1A2JF (Japan Import) check it now at Amazon||Casio STANDARD Tough Solar Powered Men's Watch AQ-S810W-8AJF (Japan Import) check it now at Amazon||Casio G-Shock G-Lide Series w/ Tidal Graph - Multiband 6 Solar Powered Men's Watch - GWX-8900D-2JF (Japan Import) check it now at Amazon||Casio G-Shock G-Lide Series w/ Tidal Graph - Multiband 6 Solar Powered Men's Watch - GWX-8900C-3JF (Japan Import) check it now at Amazon||CASIO G-SHOCK BLACK X BLUE SERIES (AWG-M100BA-1AJF) 6 MULTIBANDS SOLAR POWERED MEN'S WATCH check it now at Amazon||Burberry Men's Watch Beat Check BU1382 - WW check it now at Amazon||Burberry Men's BU1756 Beat Check Grey and Black Chronograph Dial Watch check it now at Amazon||Nixon Banks Watch - Men's All Black/White, One Size5.0★ / check it now at Amazon||Nixon Banks Watch - Men's Tan, One Size3.0★ / check it now at Amazon||Casio Sea Pathfinder Solar Powered Men's Watch SPS201-1V check it now at Amazon||New Arrival Big Capacity 6000mAh Battery Bank Power Rechargeable Case Cover with Phone Stand Mount for Iphone 5 5s (Black) check it now at Amazon||Head Case Designs Trend Mix Soft Gel Case for LG G3 S / G3 Beat / G3 Vigor check it now at Amazon||Head Case Designs Turquoise Dream Mandala Soft Gel Case for LG G3 S / G3 Beat / G3 Vigor check it now at Amazon||Head Case Designs Marina Mermaids Soft Gel Case for LG G3 S / G3 Beat / G3 Vigor check it now at Amazon||LG G3 Mini D725 / G3 Vigor LS885 / G3 S / G3 Beat Case, ToPerk (TM) Cyber Grid Armor Case & Stylus Pen As Bundle Sale check it now at Amazon||Head Case Designs What Other Cat Ceiling Cat Vs Basement Cat Soft Gel Case for LG G3 S / G3 Beat / G3 Vigor2.0★ / check it now at Amazon||Head Case Designs Patterns Fashion Flamingos Soft Gel Back Case Cover for LG G3 S / G3 Beat / G3 Vigor check it now at Amazon||Genuine Samsung Cell Phone Car Power Charger, S 20 PIN: CAD300SBEB/STD for Samsung SGH-a657 check it now at Amazon||Head Case Designs Cuppa Coffee Fix Soft Gel Case for LG G3 S / G3 Beat / G3 Vigor check it now at Amazon||4200mAh For iPhone5 5s 5c External Battery Backup Charging Bank Power Case Cover check it now at Amazon||'Made for iPhone' 5 5S iPhone External Backup Charging Bank Power Case Cover New 2400mAh check it now at Amazon||Celio 3800mAh iPhone 6 External Battery Backup Charging Bank Power Case Cover check it now at Amazon||Grow: How Ideals Power Growth and Profit at the World's Greatest Companies check it now at Amazon||Power Up for Profits: The Smart Woman's Guide to Online Marketing$19.95||The WetFeet Insider Guide to Citigroup's Corporate & Investment Bank$155||Grow: How Ideals Power Growth and Profit at the World’s 50 Greatest Companies check it now at Amazon||NEW VIEW NV-SJ1020 8400mAh Mobile Power Bank Power Bank For iPhone4/4s/5/5s/S... check it now at Amazon|
Consumer banking powers Citigroup's profit beat have 976 words, post on feeds.reuters.com at October 15, 2019. This is cached page on USA Posts. If you want remove this page, please contact us.