Citigroup earnings top street estimates

Citigroup released its third-quarter earning results this week and they results were better than analysts expected, according to a report in CNBC.

Here’s how the bank’s results stacked up:

  • Earnings: $1.40 per share vs. 93 cents a share expected.
  • Revenue: $17.3 billion vs. $17.2 billion expected.
  • Net credit losses: decline to $1.9 billion from $2.2 billion.
  • Cost of credit dropped from $7.9 billion to $2.26 billion quarter over quarter basis.
  • Fixed income trading revenue: $3.8 billion, with equities of $875 million in sales.

Citigroup’s earnings per share figure includes a $400 million civil penalty for failing to address “several longstanding deficiencies” in its risk controls. When excluding the penalty, the company’s profit totals $1.55 per share, above analysts’ expectations.

Citigroup’s results come in the midst of a major management change. Last month, the bank announced that CEO Michael Corbat will be replaced by Jane Fraser in February, historically marking the first major Wall Street bank to have a female CEO.