Citigroup: 3Q Earnings Snapshot

US & World
citigroup, citi group

This Aug. 11, 2019, photo shows a Citibank credit card in New Orleans. Citigroup Inc. reports financial results Tuesday, Oct. 14. (AP Photo/Jenny Kane)

NEW YORK (AP) — Citigroup Inc. on Tuesday reported higher third-quarter earnings, driven by a lower effective tax rate and higher revenue, partially offset by higher expenses and cost of credit.

The New York-based company said it earned $4.91 billion, or earnings of $2.07 per share. Earnings, adjusted for non-recurring gains, came to $1.98 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.

The U.S. bank posted revenue net of interest expense was $18.57 billion, falling short of Street forecasts. Three analysts surveyed by Zacks expected $18.6 billion.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Download the FREE WOWK 13 News App

Don't Miss

Trending Stories

Local Events