Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, May 1, 2023.
Mike Blake | Reuters
Citigroup reported its third-quarter results on Friday morning, with solid growth in both the institutional clients and personal banking fueling higher-than-expected revenue.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: $1.63. Not comparable to the expected $1.21 due to divestitures. Excluding divestitures, earnings per share were $1.52.
- Revenue: $20.14 billion, vs. expected $19.31 billion
“Despite the headwinds, our five core, interconnected businesses each posted revenue growth resulting in overall growth of 9%,” CEO Jane Fraser said in a press release.
Shares of the bank rose 2% in premarket trading. Citigroup’s stock was down 8% for the year entering Friday.
Citigroup will discuss the results in a conference call later Friday morning. Investors will be looking for more detail about the reorganization of the bank under Fraser.
Friday’s earnings report includes the period during which Fraser announced that the bank would be divided into five main business lines, the latest change for the CEO since taking over in March 2021. The new structure, announced on Sept. 13, is expected to include job cuts.
Another initiative under Fraser has been Citi selling off its retail banking business in some international markets. The latest move on that front came on Oct. 9, when the bank announced that it had struck a deal to sell its onshore consumer wealth portfolio in China.