Citigroup: better-than-expected profit with credit costs
(CercleFinance.com) - Citigroup has reported higher-than-expected quarterly profit on Thursday, helped by lower credit costs, which more than offset higher expenses.
In the July-September quarter, the US banking group posted a 48% year-on-year increase in net profit to 4.6 billion dollars, or 2.15 dollars per share, significantly above the consensus of just 1.65 dollar per share.
However, net banking income slipped 1% to 17.15 billion dollars, a decline that Citi justifies by the sale of its retail banking activities in Australia.
Jane Fraser, the group's chief executive, explained that the post-pandemic economic recovery had boosted the confidence of its clients, which led to an increase in the investment banking and equity markets businesses.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
In the July-September quarter, the US banking group posted a 48% year-on-year increase in net profit to 4.6 billion dollars, or 2.15 dollars per share, significantly above the consensus of just 1.65 dollar per share.
However, net banking income slipped 1% to 17.15 billion dollars, a decline that Citi justifies by the sale of its retail banking activities in Australia.
Jane Fraser, the group's chief executive, explained that the post-pandemic economic recovery had boosted the confidence of its clients, which led to an increase in the investment banking and equity markets businesses.
Copyright (c) 2021 CercleFinance.com. All rights reserved.