Wall Street rallies on Citigroup’s earnings, Citi shares were trading up 4.43 percent
Financial Earnings: Citigroup Inc. (NYSE:C)
Citigroup Inc. (NYSE:C) on Monday reported better-than-expected third quarter earnings that sent its shares soaring in early trades.
The bank reported earnings of $1.06 a share, compared to the $1.23 that it had reported a year earlier. Revenue decreased to $19.4 billion from $20.83 billion a year ago.
Analysts had forecast earnings at 96 cents a share on revenues of $18.71 billion.
Citigroup said quarterly profit plunged on a $4.7 billion write-down of its stake in a brokerage operated by Morgan Stanley (MS), but mortgage lending increased and capital markets results rebounded.
The bank reported net income at $468 million or 5 cents a share compared to $3.77 billion or $1.23 a share year ago.
Last week JPMorgan Chase and Wells Fargo had reported results which had received mixed reactions.
The bank said profits from the Securities and banking unit increased 67 percent while the North American Consumer Banking segment saw an 18 percent increase in profits on higher mortgage revenues.
Citi shares were trading up 4.43 percent at $36.29 at 13.33 p.m. in New York