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Citigroup Inc (C) Stock Dips Despite Q3 Earnings Beat

13 October 2017, 10:58 | Melvin Schneider

This is down 16% from its fixed income markets revenue of $3.41 billion reported during the same time past year. Both revenue and earnings per share for the quarter beat analysts' estimates.

Both JPMorgan and Citigroup topped analyst expectations, reporting slightly higher third-quarter profits as increased lending and the benefits of higher interest rates offset weakness in bond trading.

Revenues for the quarter grew 2 percent to $18.17 billion from $17.76 billion in the prior year.

Executives at the largest USA bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even though weakness has continued into the fourth quarter.

JPMorgan fared worse last quarter than rival Citi, which reported a 16 percent decline in bond trading. Earnings per share rose about 15 percent to $1.42, bolstered by the bank's move to reduce its shares outstanding by 7 percent.

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FILE PHOTO: A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015.

Citigroup's stock has risen 26% this year, by far the best among the U.S.'s six biggest banks, thanks in part to the announcement of a plan to return $60 billion in capital through 2020. Citigroup's shares have had a strong run-up this year, climbing 26 percent partly due to its share buyback plan.

The main growth driver in the quarter was the global consumer business. Total consumer net profit fell 6 percent with income in its core North American market down 16 percent as provisions for bad debts rose.

AT&T tumbled 3.4 percent as it confirmed many of its full-year financial targets, but said it expects a hit of $210 million in pre-tax earnings in the third quarter due to U.S. hurricanes and earthquakes in Mexico. JPMorgan also had to set aside more money in the quarter to cover souring credit card loans.

Citi-branded cards in the USA provide about 10 percent of Citigroup revenue and profits and are seen by Corbat as one of the company's best shots at growing profits.



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