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Citigroup Q3 Earnings Beat Estimates with $20.32B Revenue and $1.51 EPS, Shares Rise 1.5%

Oct 15, 2024, 12:06 PM

Citigroup Inc. reported its third-quarter 2024 results, surpassing analyst expectations. The company achieved an adjusted earnings per share (EPS) of $1.51, beating the estimated $1.31. Revenue for the quarter was $20.32 billion, exceeding the forecasted $19.84 billion. Key performance areas included net interest income of $13.36 billion, wealth revenue of $2.00 billion, and markets revenue of $4.82 billion. Operating expenses fell 2% year-over-year to $13.25 billion. Citigroup's net income for the quarter was $3.2 billion, with total loans amounting to $688.98 billion. The bank's return on equity (ROE) was 6.2%, return on tangible common equity (RoTCE) was 7.0%, and the CET1 capital ratio stood at 13.7%. Citigroup's CEO, Jane Fraser, highlighted the positive direction of the company, noting this quarter as pivotal. The bank's shares rose 1.5% in premarket trading following the earnings announcement.