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Citigroup (C) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended September 2023, Citigroup (C - Free Report) reported revenue of $20.14 billion, up 8.8% over the same period last year. EPS came in at $1.52, compared to $1.50 in the year-ago quarter.
The reported revenue represents a surprise of +4.22% over the Zacks Consensus Estimate of $19.32 billion. With the consensus EPS estimate being $1.26, the EPS surprise was +20.63%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Citigroup performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Interest Margin (FTE): 2.5% versus 2.4% estimated by seven analysts on average.
Efficiency Ratio: 67.1% versus 70.9% estimated by seven analysts on average.
Average balance - Total interest-earning assets: $2,206.17 billion versus $2,234.07 billion estimated by six analysts on average.
Leverage Ratio: 6% versus the three-analyst average estimate of 6.8%.
Institutional Clients Group Revenue- Total Investment Banking: $844 million versus $685.60 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +33.8% change.
Institutional Clients Group Revenue- Markets Revenues- Equity Markets: $918 million versus the three-analyst average estimate of $999.98 million. The reported number represents a year-over-year change of -8.8%.
Institutional Clients Group Revenue- Total Markets Revenues: $4.48 billion versus the three-analyst average estimate of $4.38 billion. The reported number represents a year-over-year change of +10.1%.
Institutional Clients Group Revenue- Markets Revenues- Fixed Income Markets: $3.56 billion compared to the $3.38 billion average estimate based on three analysts. The reported number represents a change of +16.3% year over year.
Personal banking and wealth management- U.S. Personal Banking: $4.89 billion versus $4.66 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +13% change.
Personal banking and wealth management- Global Wealth Management: $1.89 billion versus the two-analyst average estimate of $1.84 billion. The reported number represents a year-over-year change of +1.6%.
Legacy franchises revenues- Mexico consumer, small business & middle market banking: $1.55 billion versus $1.31 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +32.3% change.
Legacy franchises revenues- Legacy Holdings Assets: -$7 million versus the two-analyst average estimate of $18.22 million.
Shares of Citigroup have returned -3.7% over the past month versus the Zacks S&P 500 composite's -2.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Citigroup (C) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended September 2023, Citigroup (C - Free Report) reported revenue of $20.14 billion, up 8.8% over the same period last year. EPS came in at $1.52, compared to $1.50 in the year-ago quarter.
The reported revenue represents a surprise of +4.22% over the Zacks Consensus Estimate of $19.32 billion. With the consensus EPS estimate being $1.26, the EPS surprise was +20.63%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Citigroup performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin (FTE): 2.5% versus 2.4% estimated by seven analysts on average.
- Efficiency Ratio: 67.1% versus 70.9% estimated by seven analysts on average.
- Average balance - Total interest-earning assets: $2,206.17 billion versus $2,234.07 billion estimated by six analysts on average.
- Leverage Ratio: 6% versus the three-analyst average estimate of 6.8%.
- Institutional Clients Group Revenue- Total Investment Banking: $844 million versus $685.60 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +33.8% change.
- Institutional Clients Group Revenue- Markets Revenues- Equity Markets: $918 million versus the three-analyst average estimate of $999.98 million. The reported number represents a year-over-year change of -8.8%.
- Institutional Clients Group Revenue- Total Markets Revenues: $4.48 billion versus the three-analyst average estimate of $4.38 billion. The reported number represents a year-over-year change of +10.1%.
- Institutional Clients Group Revenue- Markets Revenues- Fixed Income Markets: $3.56 billion compared to the $3.38 billion average estimate based on three analysts. The reported number represents a change of +16.3% year over year.
- Personal banking and wealth management- U.S. Personal Banking: $4.89 billion versus $4.66 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +13% change.
- Personal banking and wealth management- Global Wealth Management: $1.89 billion versus the two-analyst average estimate of $1.84 billion. The reported number represents a year-over-year change of +1.6%.
- Legacy franchises revenues- Mexico consumer, small business & middle market banking: $1.55 billion versus $1.31 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +32.3% change.
- Legacy franchises revenues- Legacy Holdings Assets: -$7 million versus the two-analyst average estimate of $18.22 million.
View all Key Company Metrics for Citigroup here>>>Shares of Citigroup have returned -3.7% over the past month versus the Zacks S&P 500 composite's -2.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.