From Financial Modeling Prep: 2024-10-15 14:57:00

Citigroup (NYSE:C) exceeded third-quarter earnings and revenue expectations, reporting adjusted EPS of $1.51 and revenue of $20.32 billion, up 1% year-over-year. Despite this, shares dropped over 4% intra-day. Revenue growth was 3% excluding divestitures.

All major segments of Citigroup showed growth, with Services achieving record results and Markets revenue increasing by 32% in Equities. Investment Banking revenue also rose by 31% due to higher investment-grade debt issuance.

Q3 net income for Citigroup was $3.2 billion, down from $3.5 billion last year, primarily due to higher credit costs. However, revenue growth and a 2% decrease in expenses helped offset this. The bank maintained a strong capital position, with a CET1 capital ratio of 13.7% and returned $2.1 billion to shareholders through dividends and buybacks.



Read more at Financial Modeling Prep:: Citigroup Q3 Earnings Beat, But Stock Drops 4%