On Thursday, Shares of Citigroup Inc. (NYSE:C), surged 4.44% to $52.97.
Today, Citigroup Inc., stated net income for the third quarter 2015 of $4.3 billion, or $1.35 per diluted share, on revenues of $18.7 billion. This contrast to net income of $2.8 billion, or $0.88 per diluted share, on revenues of $19.7 billion for the third quarter 2014.
Citigroup Inc (C.N) stated a 51 percent jump in quarterly profit as lower costs more than made up for a fall in revenue amid raised market volatility and uncertainty about the timing of a U.S. interest rate hike, according to Reuters.
Citigroup revenues were $18.7 billion in the third quarter 2015, a decrease of 5% from the prior year period.
Citigroup’s operating expenses were $10.7 billion in the third quarter 2015, 18% lower than in the prior year period. In constant dollars, operating expenses fell 13% as compared to the prior year period, mainly driven by lower legal and related expenses and repositioning costs. Operating expenses in the third quarter 2015 comprised legal and related expenses of $376 million, contrast to $1.6 billion in the prior year period, and $81 million of repositioning charges, contrast to $382 million in the prior year period. Citigroup’s cost of credit in the third quarter 2015 was $1.8 billion, a 5% improvement from the prior year period, as a lower net loan loss reserve release was partially offset by lower net credit losses.
Citigroup’s book value per share was $69.03 and tangible book value per share was $60.07, each as of quarter end, representing 3% and 5% improvements, respectively, contrast to the prior year period. At quarter end, Citigroup’s Common Equity Tier 1 Capital ratio was 11.6%, up from 10.6% in the prior year period. Citigroup’s Supplementary Leverage Ratio for the third quarter 2015 was 6.8%, up from 6.0% in the prior year period. During the third quarter 2015, Citigroup repurchased about 36 million common shares and returned a total of $2.1 billion to common shareholders in the form of share repurchases and common stock dividends.
Citigroup’s latest closing price of $52.96 is at a discount to its 200-day moving average price of $54.22. Its 52-week range has been $46.60 - 60.95; it is trading at discount versus its 52-week high of $60.95 achieved on Jul 23, 2015 and a premium to its 52-week low of $46.60 faced on Jan 16, 2015. The stock, as of recent close, has shown weekly upbeat performance of 6.17% which was maintained at -3.43% in this year.
Citigroup Inc. (Citi) is a financial services holding company, whose businesses provide consumers, corporations, governments and institutions with financial products and services, counting consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services, and wealth administration.
