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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP

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Citigroup : Profit Rises, Helped by Cost Cuts

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10/12/2018 | 08:23am EST

By Telis Demos

Citigroup Inc. said Friday its third-quarter profit rose 12% from a year ago, as the company cut expenses and paid a lower tax bill amid flat revenue growth.

Quarterly profit at the New York-based bank was $4.62 billion, up from $4.13 billion a year earlier. Per-share earnings were $1.73. Analysts polled by Refintiv had expected $1.69 a share.

Revenue was down slightly to $18.39 billion, from $18.42 billion a year ago. Analysts had expected $18.46 billion.

Third-quarter trading revenue rose 7% to $3.99 billion from $3.72 billion.

Chief Financial Officer John Gerspach said in September that he expected trading revenue overall to be flat or slightly higher in the third quarter.

Quarterly revenue at the global consumer bank rose 2%, with the biggest change in Mexico, which was up 20% from a year ago.

Quarterly expenses were down 1% from a year ago. That resulted in an efficiency ratio of 56.1%, from 56.6% from a year ago. The ratio measures costs as a percentage of revenue.

The company's tax bill was 21% lower than a year ago, the consequence of a major U.S. corporate tax cut in 2017.

The bank's U.S. consumer business will likely be a focus, after a series of management changes in the unit this year, and as analysts and investors aim to understand how rising interest rates will impact the bank's giant credit-card arm and evolving deposit business.

Write to Telis Demos at telis.demos@wsj.com

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Financials ($)
Sales 2019 74 654 M
EBIT 2019 31 344 M
Net income 2019 17 149 M
Debt 2019 -
Yield 2019 3,14%
P/E ratio 2019 8,23
P/E ratio 2020 7,14
Capi. / Sales 2019 2,04x
Capi. / Sales 2020 1,97x
Capitalization 152 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 76,0 $
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
John C. Dugan Chairman
John C. Gerspach Chief Financial Officer
Anthony M. Santomero Independent Director
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