The group showed resilience during Q3
The new earnings season started, and at least for a company, the results are promising.
Citigroup – one of the largest American banks, reported #Q3 profit and revenue that came above expectations.
The bank's net income figures came in at $3.2 billion, or $1.40 per share, beating the 90 cents consensus. Total revenue numbers were of $17.30 billion. The market was looking for $17.21 billion.
However, the global consumer banking revenue came below the $7.23 billion, reporting a fall of 13%.
Citibank's substantial numbers show the financial sector's strength, which appears to shake off the #pandemic's effects.
After the report, before regular trading hours, Citigroup stock price gained 2%. Year-to-date, it lost 42.6%, while USA500 gained 9.4%.
Read all about the latest scandal that involved Citigroup here!
Sources: marketwatch.com, markets.businessinsider.com
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of sc.capex.com