Citigroup Inc beat analysts' estimates for quarterly revenue and profit on ...
Citi also reached a key efficiency target. The third-largest U.S. bank by assets hit a return on tangible common equity of 12.2%, above the goal of 12% it has promised investors for the year.Citi has been focused on building credibility with investors after missing targets in recent years. Estimates often hovered below the bank’s stated goals, indicating Wall Street analysts were skeptical management could reach the targets it had set.
Net income applicable to the bank rose 6% to $4.9 billion, or $2.07 per share, in the third quarter from $4.6 billion, or $1.73 per share, a year earlier.Revenue was up about 1% at $18.57 billion. Analysts were expecting a profit of $1.95 per share and revenue of $18.5 billion, according to IBES data from Refinitiv.Our Standards:
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