Citigroup profit rises 12 percent on lower expenses, LatAm growth

0
© Reuters. Workers are seen in at Citibank offices in the Canary Wharf financial district in London© Reuters. Workers are seen in at Citibank offices in the Canary Wharf financial district in London

(Reuters) – Citigroup Inc (N:) reported a 12 percent increase in quarterly profit on Friday, as the bank benefited from lower expenses and consumer banking business in Latin America.

Net income for the third-largest U.S. bank by assets rose to $4.62 billion in the third quarter ended Sept. 30, from $4.13 billion a year earlier.

Earnings per share rose to $1.73 from $1.42, helped by buybacks that reduced shares outstanding by 8 percent from a year earlier.

Analysts on average had expected earnings per share of $1.69, according to I/B/E/S data from Refinitiv.

Total revenue was slightly lower at $18.39 billion, compared with $18.42 billion a year earlier.

Operating expenses fell 1 percent to $10.31 billion and the company’s widely watched efficiency ratio improved to 56.1 percent from 56.6 percent a year earlier.

The bank’s provision for income taxes decreased by $395 million due to the cut in U.S. corporate tax rates at the beginning of 2018.

Bond trading revenue at Citi rose 9 percent, in sharp contrast to bigger rival JPMorgan Chase & Co (N:), which reported a 10 percent drop in bond trading revenue.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.