Citigroup (NYSE: C) shares recovered some of their strength Friday on the release of financial numbers.
The bank reported net income for the third quarter 2018 of $4.6 billion, or $1.73 per diluted share, on revenues of $18.4 billion. This compared to net income of $4.1 billion, or $1.42 per diluted share, on revenues of $18.4 billion for the third quarter 2017.
Revenues were largely unchanged from the prior-year period, primarily reflecting the net impact of a gain on sale (approximately $580 million) of a fixed income analytics business in the prior-year period and a gain on sale (approximately $250 million) of an asset management business in Mexico in Global Consumer Banking (GCB) in the current period, as well as the impact of foreign exchange translation
Citi CEO Michael Corbat said, "Our results this quarter showed solid year-over-year revenue growth across many of our businesses, including Fixed Income, Treasury and Trade Solutions, Securities Services, the Private Bank and our consumer franchise in Mexico. We also grew loans and deposits while continuing to prudently manage risk as demonstrated by the stability of our credit portfolio.
"We returned $6.4 billion of capital to common shareholders through buybacks and dividends during the quarter. And over the past 12 months, we’ve reduced our common shares outstanding by over 200 million or 8%. Through a combination of earnings growth and capital return, our earnings per share were 22% higher than one year ago.”
C shares gained $2.34, or 3.4%, to $70.72
