Citigroup's Q3 Earnings Exceed Expectations, Boosting Stock
Citigroup reported better-than-expected revenue for the third quarter, driven by solid growth in both institutional clients and personal banking. Earnings per share were $1.63, excluding divestitures, and revenue reached $20.14 billion. The institutional clients unit saw a 12% increase in revenue, while the personal banking and wealth management division experienced a 10% rise. CEO Jane Fraser highlighted the overall 9% growth across the bank's five core businesses. Citigroup's stock rose 2% in premarket trading, but is down 8% for the year. The bank also reported a slight increase in loan loss provisions and investors are eager for more details on the bank's reorganization under Fraser.
