Citigroup tops Wall Street 3Q forecasts
NEW YORK (AP) — Citigroup Incorporated yesterday reported third-quarter net income of US$3.44 billion.
The bank, based in New York, said it had earnings of US$1.07 per share. Adjusted earnings were US$1.15 per share.
The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of US$1.12 per share.
The US bank posted revenue of US$19.60 billion in the period, also exceeding Street forecasts. Analysts expected US$19.02 billion, according to Zacks.
Citigroup shares have declined 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 1 per cent. The stock has risen slightly more than one per cent in the last 12 months.