Citigroup (C): Q3 profit jumps 40% to $5.2B as revenue rises 8%
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Citigroup earned $5.2B, or $2.85 a share, in Q3, up from $1.86 a year ago, on revenue of $23.8B (+8%). Services revenue rose 15% and Wealth 15%. RoTCE hit 11.5%, but profit fell about 10% from Q2. Prior year had a goodwill charge.
Why it matters Citi's turnaround depends on lifting returns toward its 11-13% RoTCE goal. Services, Wealth and investment banking are growing, while US cards were flat, so the mix is improving but not uniform.
What we verified Citi's 8-K confirms net income of $5,245M, diluted EPS of $2.85 versus $1.86, revenue of $23,845M and RoTCE of 11.5%. The prior-year quarter included a $726M goodwill impairment. BNN Bloomberg and Quartz report the same figures and a beat against roughly $2.65 EPS consensus.
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