On March 3, 2025, Citi will be seen on the floor of the New York Stock Exchange.
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Citigroup posted higher third-quarter profits before the bell on Tuesday, with its divisions posting record profits.
Here’s what banks reported compared to Wall Street expectations, based on a survey of analysts by LSEG.
Earnings per share: Earnings were $1.86, up 23% year over year, but are not comparable due to Banamex goodwill. Revenue: $22.09 billion vs. $21.09 billion expected.
The bank’s shares rose about 1% in premarket trading on Tuesday following the results.
Citi’s net income rose 15% from a year ago to $3.8 billion, and sales rose 9% as companies posted record numbers. The services business had its best quarter on record, with sales up 7%. Banking segment revenues rose 34% and Markets segment revenues rose 15%, the best third quarter on record.
“Investments in new products, digital assets and AI are driving innovation and improving capabilities across our franchise,” Citigroup CEO Jane Fraser said in a statement. “Relentless execution of our strategy has resulted in improved performance and increased revenue quarter after quarter.”
Citigroup will sell a 25% stake in its Mexican business, Banamex, ahead of the tender offer. Expenses increased 9% last quarter due to divestiture costs.
Bank stocks have risen more than 36% since the beginning of the year, significantly outperforming the S&P 500.
