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Shares in US banking firm Citigroup are trading and 1.5% lower pre-market on Thursday, despite the group posting a solid set of Q3 earnings this week. Following on from the above-expectations Q2 earnings release back in July, Citi this week posted third-quarter earnings per share of $1.40. This was well above estimates of a $0.91 EPS.
Q3 Earnings Beat
Citi posted revenues of $17.3 billion over the quarter, just above the $17.2 billion Wall Street was looking for. Net income came in at $3.2 billion, well above the $1.8 billion estimate. Despite the headline beat, there were some aspects of the report which raised concerns.
Net credit losses saw a 200% increase on the same quarter last year, rising to $329 million. Furthermore, global consumer banking revenues fell by 13% to $7.2 billion. This is as a result of subdued client spending over the quarter.
CEO praises Positive Results
Commenting on the results, Citi’s CEO Michael Corbat said:
“We continue to navigate the effects of the...
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