Citigroup easily tops estimates on strong fixed-income trading
Citigroup easily topped expectations with its quarterly results on Tuesday as strong fixed-income trading revenues and growing sales from the bank's consumer business led the way.
The US banking giant turned in earnings per share of $1.90, ahead of the $1.84 expected on the Street, while revenues came in at $18.37bn - also above the $17.85bn forecast by analysts.
Fixed-income trading of $2.9bn smashed estimates of $1.24bn, while Citi's consumer business also boosted its results, as its global consumer banking division raked in $8.5bn in sales - a 5% increase year-on-year.
Chief executive Michael Corbat said: "The US consumer franchise saw continued strong growth in Branded Cards and sustained its momentum in attracting digital deposits.
"Our earnings of $5bn for the fourth quarter marked a strong finish to 2019."
Equities trading did fall short of estimates, however, bringing in $516m versus expectations of $673.7m, but Citi still managed to post a full-year profit of $8.04 per share - a 21% rise from 2018.
As of 1600 GMT, Citigroup shares were up 2.25% at $82.50 each.