Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Citigroup’s Revenue Falls 4.8%, but Q3 Results Still Top Expectations

Friday, October 14, 2016 5:41
% of readers think this story is Fact. Add your two cents.

Citigroup logoBanking giant Citigroup Inc (NYSE:C) this morning posted better-than-expected third quarter earnings results, despite a big downturn in revenue.

The New York-based company reported Q3 EPS of $1.24, easily topping Wall Street analysts’ view of $1.16. Revenue fell 4.8% from last year to $17.8 billion, but still beat estimates of $17.32 billion.

Other interesting notes from the report included:

  • Expenses declined 2% form last year, but ticked up slightly from Q2.
  • Return on Equity fell 20 basis points to 6.8% from Q2.
  • Return on Assets was 0.83%, down 6 basis points from Q2.
  • Net Interest Margin was 2.86%, flat from Q2.
  • Tangible BVPS rose 2% from Q2 to $64.71.

From the press release:

Citi CEO Michael Corbat said, “I am very encouraged by the underlying momentum across our franchise, notably in several areas where we have been investing. In the quarter, both our Global Consumer Bank and Institutional Clients Group had solid year-over-year revenue increases in nearly every business line and geography. We also continued to grow core loans and deposits while reducing non-core assets to just 3% of our balance sheet.

We remain intensely focused on shareholder returns. The acquisition of the Costco portfolio and the recently announced sales of our retail operations in Argentina and Brazil are the latest examples of how we are shifting resources to the areas we believe will generate the best returns for our shareholders.”

Citigroup has been the biggest laggard of all major U.S. banks since the financial crisis of 2008-2009. Following a 1-for-10 reverse split in 2011, the stock has remained essentially flat. In contrast, the iShares Dow Jones US Financial Sector Index Fund (NYSE:IYF), which tracks a large swath of the U.S. banking sector, has gained 52% since then.


Citigroup shares rose $0.88 (+1.82%) to $49.35 in premarket trading Friday. Prior to today’s report, C had fallen 6.34% year-to-date, versus a 4.48% gain in the benchmark S&P 500 index during the same period.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.