Citigroup Stock Surges After Q3 Performance With 9% Revenue Boost and Earnings Uptick
Portfolio Pulse from Anusuya Lahiri
Citigroup Inc reported a 9% YoY net revenue growth in Q3 FY23 to $20.14 billion, beating the consensus of $19.32 billion. EPS of $1.63 also beat the consensus of $1.21. The company's Institutional Clients Group revenue and Personal Banking and Wealth Management revenue increased by 12% and 10% respectively. However, Legacy Franchises' revenues decreased by 13%. Net income for the quarter was $3.55 billion, up 2% YoY. The company reiterated its FY23 adjusted revenue outlook of $78 billion - $79 billion.
October 13, 2023 | 1:24 pm
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Citigroup reported strong Q3 FY23 results with a 9% YoY increase in net revenue and a 2% increase in net income. The company's shares are trading higher in premarket.
Citigroup's strong Q3 FY23 results, which beat consensus estimates, are likely to have a positive impact on its stock price in the short term. The company's revenue and net income growth, along with its positive outlook for FY23, indicate a strong financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100