Citigroup's Revenue and Profit Fall, But Still Top Expectations
October 14 2016 - 8:40AM
Dow Jones News
Citigroup Inc. said Friday that third-quarter profit and revenue
were down, but results were still better than what analysts had
predicted.
The New York-based bank reported a profit of $3.84 billion, or
$1.24 a share. That compares with the $4.29 billion, or $1.35 a
share, it reported in the same period of 2015.
That beat the $1.16 a share expected by analysts polled by
Thomson Reuters.
Revenue was down to $17.76 billion from $18.69 billion a year
ago.
That also beat the expectations of analysts, who had predicted
$17.36 billion.
Michael Corbat, who on Sunday will mark four years as the bank's
CEO, guided Citigroup through one of its most tumultuous periods,
including regulatory and legal reprimands and a lingering image as
the poster child of the financial crisis. The bank has stitched up
many of those lacerations, and this year it was the only firm to
earn passing grades on the living wills, an important regulatory
test.
But Citigroup now needs to pivot to showing investors that it
can improve straggling shareholder returns—a goal that Mr. Corbat
and other executives say is a priority.
The bank's shares are down 6.3% this year, worse than the 3%
drop in the KBW Nasdaq index of bank stocks.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
October 14, 2016 08:25 ET (12:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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