NewsBreak: Citigroup Ekes Out Small Rise in 3Q Profit

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© Reuters. © Reuters. — Citigroup Inc (NYSE:) eked out a modest increase in revenue and earnings in the third quarter, as a lower effective tax rate supported a bottom line squeezed by tighter lending margins and higher credit losses. Revenue inched up by 1% but the bank’s per share earnings of $1.97 still beat expectations for $1.95, as its buyback program cut the number of shares outstanding.

CEO Michael Corbat said that the global consumer bank had posted underlying revenue growth of 4% and pretax earnings of 17% “despite an unpredictable environment throughout the quarter.”

Key points:

  • Revenue $18,57 billion, up 1% vs $18.39 billion
    • per share $1.97 vs $1.73 in 3Q 2018
  • Net credit losses up 9% vs 3Q 2018 at $193 million
  • Net income $4.91 billion, up 6% vs 3Q 2018
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