Citigroup's Earnings Performance
Citigroup's third-quarter net income rose 16% year over year, totaling $3.8 billion, with firmwide revenues of $22.1 billion, up 9% compared to the same quarter last year.
Earnings per share were $1.86, exceeding analysts' expectations of $1.72, according to S&P Capital IQ. However, if not for a goodwill impairment charge of $726 million related to the sale of a 25% stake of Banamex, earnings per share would have been $2.24.
Citigroup's five business lines all reported record third-quarter revenue and higher returns, leading to the megabank's strong performance.
Citigroup's latest earnings performance once again topped Wall Street expectations.
Author's summary: Citigroup tops Wall Street forecast with 16% rise in net income.
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