Citigroup Inc (NYSE:C) early Thursday posted market-beating third quarter earnings results despite higher credit losses and weak performance in its fixed income segment. The company said that it had $1.42 in earnings per share (EPS) and $18.2 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $1.32 in EPS and revenue of $17.9 billion.
Thomson ReutersCitigroup handily beat analyst estimates Thursday, reporting third-quarter earnings of $1.42 per share, a almost 8% beat. "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".
Global Consumer Banking revenues grew 3% year over year to $8.43 billion. Analysts had expected $1.32 a share. Deposits were up 3% to $964 billion in the same time.
Quarterly consumer banking revenue increased 3% globally from a year ago, to $8.43 billion, led by a 10% gain in Mexico. North American banking revenue also was up, though by just 1% from a year ago.
Investment banking revenues were up 14% from past year to $1.23 billion, but the group lost some momentum from a strong second quarter where it produced $1.5 billion in revenues - a 17% dip from the previous quarter. Fixed Income Markets revenues plunged 16% $2.9 billion, hurt by lower G10 rates and currencies revenues.
The shares rose 0.2% to $75.11 in premarket trading.
Global consumer banking saw revenues grow 3% from previous year to $8.4 billion, but net income dropped by 6% $1.17 billion, which the bank attributed to higher cost of credit.