Citigroup Q3 Earnings: Profit Falls 9%, Investment Banking Revenue Soars, Mastercard and Apollo Partnerships
Portfolio Pulse from Anusuya Lahiri
Citigroup reported a 1% revenue growth in Q3 2024, beating estimates, with a GAAP EPS of $1.51. Despite a 9% drop in net income, investment banking revenue soared. Citigroup announced partnerships with Mastercard and Apollo. The stock initially rose but then fell, closing down 1.88%.
October 15, 2024 | 1:43 pm
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NEUTRAL IMPACT
Citigroup's Q3 earnings showed a 1% revenue growth, beating estimates, with a GAAP EPS of $1.51. Despite a 9% drop in net income, investment banking revenue increased significantly. The stock initially rose but closed down 1.88%.
Citigroup's earnings beat expectations, but the decline in net income and the stock's drop indicate mixed investor sentiment. The partnerships with Mastercard and Apollo could be positive long-term, but immediate impact is neutral.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Citigroup's $25 billion private credit partnership with Apollo Global Management could provide significant growth opportunities for Apollo.
The $25 billion private credit partnership with Citigroup could provide Apollo with significant growth opportunities, enhancing its credit offerings and market position.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 50
POSITIVE IMPACT
Citigroup announced a new cross-border payments capability with Mastercard, which could enhance Mastercard's service offerings and market reach.
The partnership with Citigroup for cross-border payments could enhance Mastercard's service offerings, potentially increasing its market reach and revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50