- Citigroup Inc (NYSE:C) eked out a modest increase in revenue and earnings in the third quarter, as a lower effective tax rate supported a bottom line squeezed by tighter lending margins and higher credit losses. Revenue inched up by 1% but the bank’s per share earnings of $1.97 still beat expectations for $1.95, as its buyback program cut the number of shares outstanding.
CEO Michael Corbat said that the global consumer bank had posted underlying revenue growth of 4% and pretax earnings of 17% “despite an unpredictable environment throughout the quarter.”
Key points:
- Earnings per share $1.97 vs $1.73 in 3Q 2018
