Citigroup Inc (NYSE: C) delivered another EPS
beat, making it seven quarters in a row of an EPS beat. Its revenue for the third quarter also came in above the expectations.
Citigroup revealed net income of $3.8 billion, or $1.24 a share, down from $4.3 billion, or $1.35 a share, in the year-ago
quarter. Street analysts' estimate was $1.16 a share.
The bank's revenue also fell from $18.7 billion to $17.8 billion. However, this was more than the analysts' expectations of
$17.34 billion.
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Citigroup CEO Michael Corbat commented, "We remain intensely focused on shareholder returns. The acquisition of the Costco
portfolio and the recently announced sales of our retail operations in Argentina and Brazil are the latest examples of how we are
shifting resources to the areas we believe will generate the best returns for our shareholders."
Following this, the stock traded at $49.35 in the pre-market trading, adding $0.88, or 1.82 percent.
Earlier in the morning, JPMorgan
and Wells Fargo delivered better than expected results for the quarter.
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