Citigroup earnings beat expectations on 49% fixed-income buying and selling surge
A Citibank department in Hong Kong.
Vincent Isore | IP3 | Getty Pictures
Citigroup reported Tuesday quarterly outcomes that simply beat analyst expectations, pushed by sturdy fixed-income buying and selling revenues together with rising gross sales from the financial institution’s client enterprise.
Here is what analysts expect to see from the banking large’s outcomes:
- Earnings: $1.90 per share vs. $1.84 per share anticipated by Refinitiv
- Income: $18.378 billion vs. Refinitiv forecast of $17.855 billion
- Mounted revenue buying and selling: $2.9 billion vs. FactSet estimate of $1.24 billion
- Equities buying and selling: $516 million vs. $673.7 million forecast
The inventory rose 0.9% after the outcomes had been launched.
Citigroup shares are coming off their finest 12 months since 1999, surging greater than 53% in 2019. These positive factors outpaced these of rival banks J.P. Morgan Chase, Wells Fargo, and Bank of America. J.P. Morgan and Financial institution of America each rose greater than 40% final 12 months, whereas Wells Fargo advances simply 16.8%.
Wells Fargo banking analyst Mike Mayo raised final month…