Citigroup Vaults On Beating Quarterly Projections

Despite Earnings Beat, Citigroup Is Just Par for the Course

For the three months ending in September, the lender clocked in with earnings per share of $1.42, besting analysts' estimates for profits of $1.32.

Earnings per Share came in for the quarter at $1.42, as opposed to $1.32 expected by experts.

Said CEO Michael Corbat, "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".

Firm-wide, Citi had revenues of $18.17 billion in the quarter up from $17.76 billion in the period a year earlier, beating analysts' expectations.

The bank's worldwide consumer business saw an 8% revenue increase, driven by higher loans and deposit volumes growth. EPS was down 2%, excluding this item.

End of period loans were $653 billion, up 2% year-over-year. Deposits were up 3% to $964 billion in the same time.

It also was boosted by its consumer banking unit revenue, where Citigroup has been promising investors a turnaround in performance.

Corporate/Other shrank 55% to $509 million.

While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out.

Every division in ICG - most of which benefit from the company's trading floors in almost 80 markets and giant clients that require Citi's services on a daily basis - saw healthy growth from a year ago, save for fixed-income trading, which has been a battered line of business across Wall Street. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent.

Citi reported a 3% year-over-year increase in global consumer banking revenue.

Within ICG, Banking revenues jumped 16% to $4.6bn, helped in part by hedges on loans and a 14% rise in investment banking income to $1.2bn - with equity underwriting making a "particularly" solid contribution.

Global consumer banking saw revenues grow 3% from a year ago to $8.4 billion, but net income dropped by 6% $1.17 billion, which the bank attributed to higher cost of credit.

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