Citigroup Inc. (NYSE:C) delivered stronger-than-expected third-quarter earnings, driven by a rebound in corporate dealmaking that lifted performance across its core business lines. Shares rose about 1% in premarket trading following the announcement.
The bank reported net income of $3.8 billion, or $1.86 per share, compared with $3.2 billion, or $1.51 per share, in the same quarter last year. Excluding a goodwill impairment related to the partial sale of its Banamex unit, adjusted EPS came in at $2.24 — handily beating analyst expectations of $1.75.
Revenue climbed 9% year-over-year to $22.1 billion, also surpassing forecasts. CEO Jane Fraser noted that all five of Citi’s core businesses achieved record quarterly revenue, highlighting particularly strong results in investment banking, trading, and wealth management.
Banking revenue jumped 34%, while markets revenue rose 15% despite relatively subdued volatility. The bank also returned more than $6 billion to shareholders through dividends and buybacks during the quarter.
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