The New York City-based banking giant reported Q3 earnings per share (EPS) of $1.42, which was $0.10 better than the consensus of $1.33.
"We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses", Citigroup chief executive Michael Corbat said.
However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September.
Both banks said that the increases were a normal part of the credit cycle and did not point to evidence of consumers under stress, but that explanation did not reassure analysts.
Commenting on the lender's latest set of results, chief Michael Corbat said: "We had revenues in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".
"In general, the promotional balances, while a range of offers vary, they do go up to 21 months". "The economic data is the strongest we've seen in years".Читайте также: Carbon-monitoring OCO-2 satellite confirms that El Nino weather boosts CO2
At Citi, cost-cutting, a unit sale and a gain in investment banking fees helped the fourth-biggest USA bank beat Wall Street expectations for both profit and revenue.
Shares of JPMorgan Chase traded 0.8 percent weaker as of 2.35pm in NY, while those of Citigroup were 2.5 percent lower, even as both banks beat analysts' expectations.
Like its Wall Street rival JP Morgan Chase & Co (NYSE:JPM) - which reported its results earlier today - Citi recorded a 16% year-on-year decline in fixed income trading revenue which totalled US$2.88bn.
Hopes are fading that U.S. President Donald Trump will be able to stimulate bond trading activity and boost demand for loans through a yet-to-materialize tax overhaul and loosening in financial regulations. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent. Many analysts have warned the data will be muddied by recent hurricanes.
The drop in C stock is likely connected to its fixed income markets revenue for the third quarter of 2017. BRANDED CARDSCiti's global consumer banking business had a mixed quarter as growth in Asia and Latin America was overshadowed by a drop in the United States.
Bank of America Corp and Wells Fargo & Co, the second- and third-biggest US banks by assets, are due to report results on Friday.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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