Citigroup (C) Tops Q3 EPS by 4c
Citigroup (NYSE: C) reported Q3 EPS of $1.73, $0.04 better than the analyst estimate of $1.69. Revenue for the quarter came in at $18.4 billion versus the consensus estimate of $18.45 billion.
Citi CEO Michael Corbat said, “Our results this quarter showed solid year-over-year revenue growth across many of our businesses, including Fixed Income, Treasury and Trade Solutions, Securities Services, the Private Bank and our consumer franchise in Mexico. We also grew loans and deposits while continuing to prudently manage risk as demonstrated by the stability of our credit portfolio. We returned $6.4 billion of capital to common shareholders through buybacks and dividends during the quarter. And over the past twelve months, we’ve reduced our common shares outstanding by over 200 million or 8%. Through a combination of earnings growth and capital return, our earnings per share were 22% higher than one year ago.
“Through the first nine months of this year, we have grown our underlying Consumer and Institutional revenues by 4%, operated with an efficiency ratio of 57.3% and delivered a Return on Tangible Common Equity of 11.2%. We are firmly on track to deliver on our full year 2018 financial targets. At the same time, we continue to make targeted investments which will fund future growth and enhance our ability to serve clients,” Mr. Corbat concluded.
For earnings history and earnings-related data on Citigroup (C) click here.
