Citigroup (C) Tops Q3 EPS by 2c

Citigroup (NYSE: C) reported Q3 EPS of $1.97, $0.02 better than the analyst estimate of $1.95. Revenue for the quarter came in at $18.57 billion versus the consensus estimate of $18.55 billion.

Citi CEO Michael Corbat said, “Despite an unpredictable environment throughout the quarter, we continue to deliver on our strategy of improving shareholder returns through consistent, client-led growth while also executing against our capital plan. Our Global Consumer Banking franchise performed well in the quarter, showing solid underlying revenue growth of 4% and an EBT increase of 17%.

“In the US, Branded Cards increased revenues by 11% and we saw continued deposit momentum through both digital and traditional channels. Our Institutional Clients Group also had balanced performance, with solid results in both the market-sensitive and accrual-type businesses. The backbone of our leading global network, Treasury and Trade Solutions, had strong revenue growth of 7% in constant dollars.

“Consistent with the commitment we made in 2017, we remain on track to return more than $60 billion of capital to our shareholders over a three-year period which ends next year. Buybacks have lowered our common shares outstanding by 259 million shares, or 11%, in the last year alone. When combined with 6% growth in net income, they have also helped drive our Tangible Book Value per share up 12% over the same amount of time,” Mr. Corbat concluded.

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

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