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Citigroup profit rises 6% in Q3

Citigroup profit rises 6% in Q3

Mubasher: Citigroup on Tuesday said it posted a 6% year-on-year growth in net income during the third quarter of this year, with a 1% revenue increase, led by expanding global consumer business and lower costs, according to the bank’s earnings release.

The US lender generated $4.91 billion in Q3-19, compared with $4.62 billion in Q3-18, with earnings per share (EPS) of $2.07, up from $1.73.

Citi’s revenues totalled $18.57 billion in Q3-19, compared with $18.39 billion.

Global consumer banking unit produced $8.66 billion in total revenues during the period between July and September.

Citi recorded 12.2% in its return on tangible common equity (ROTCE), a measure of how shareholder money is generating profits, during the quarter, which was above its target of 12%.

“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,” Citigroup’s CEO Michael Corbat said.