The group showed resilience during Q3
The new earnings season started, and at least for a company, the results are promising.
Citigroup – one of the largest American banks, reported #Q3 profit and revenue that came above expectations.
The bank's net income figures came in at $3.2 billion, or $1.40 per share, beating the 90 cents consensus. Total revenue numbers were of $17.30 billion. The market was looking for $17.21 billion.
However, the global consumer banking revenue came below the $7.23 billion, reporting a fall of 13%.
Citibank's substantial numbers show the financial sector's strength, which appears to shake off the #pandemic's effects.
After the report, before regular trading hours, Citigroup stock price gained 2%. Year-to-date, it lost 42.6%, while USA500 gained 9.4%.
Read all about the latest scandal that involved Citigroup here!
Sources: marketwatch.com, markets.businessinsider.com