How satisfied are you with the results of $C+3.0% Citigroup?
Citigroup reported third quarter 2023 results. Net income was $3.5 billion, up 2% year-over-year. Revenue was up 9% to $20.1 billion. Both profit and revenue growth were driven primarily by higher revenues from transaction services, trading and investment banking in the Institutional Clients Group division. Growth in Consumer Banking in the Personal Banking and Wealth Management division also contributed.
Earnings per share were $1.63, unchanged year-on-year. Adjusted for extraordinary effects, earnings per share rose 1% to $1.52. Operating expenses and cost of risk increased slightly. A positive factor was the sale of the Taiwan retail business, which generated an exceptional gain of $299 million.
Good results for me, 5% divi is nice too. Quality company, surely won't get lost alongside $JPM+0.9%.
I'll have to dig in and drop the earnings call, but the results seemed decent at first glance. I'll also wait to see what Mr. Brychta has to say on Monday, if anything. 😁