Citigroup Inc. (NYSE: C) reported stronger-than-expected third-quarter earnings as a rebound in dealmaking boosted performance across all major business segments. Shares climbed about 2% in intra-day trading on Tuesday.
The bank’s net income rose to $3.8 billion, or $1.86 per share, compared to $3.2 billion, or $1.51 per share, in the same period last year. Excluding a goodwill impairment linked to the partial sale of its Banamex unit, adjusted earnings per share came in at $2.24, well above the $1.75 consensus estimate.
Revenue grew 9% year-over-year to $22.1 billion, exceeding expectations. CEO Jane Fraser said all five of Citigroup’s core businesses delivered record quarterly revenue, led by investment banking, trading, and wealth management.
Banking revenue surged 34%, while markets revenue increased 15% despite subdued volatility. The bank also returned more than $6 billion to shareholders during the quarter through dividends and share repurchases.
Fraser said the results reflected progress on the company’s transformation strategy and the benefit of renewed corporate activity, with merger and capital markets activity rebounding from earlier in the year.
