Citigroup (C) Tops Q3 EPS by 10c

Citigroup (NYSE: C) reported Q3 EPS of $1.42, $0.10 better than the analyst estimate of $1.32. Revenue for the quarter came in at $18.2 billion versus the consensus estimate of $17.9 billion.

Citi CEO Michael Corbat said, “We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth. We had revenue increases in many of the products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses.

“We had positive operating leverage across the Global Consumer Bank and the Institutional Clients Group continued to gain wallet share as a result of our efforts to deepen our relationships with our target clients. We made further progress towards the targets we discussed on investor day in terms of ROTCE, 9.8% ex-DTA year-to-date, and efficiency ratio, 57% year-to-date.

“As part of our $19 billion capital plan, we returned $6.4 billion of capital to our shareholders this quarter, enabling us to begin to reduce the amount of capital we hold. We continue to be focused on increasing both the return on capital and the return of capital for the benefit of our shareholders,” Mr. Corbat concluded.

For earnings history and earnings-related data on Citigroup (C) click here.

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