Citigroup Exceeds Earnings Expectations with Strong Performance in Crypto and AI Investments
Citigroup outperformed Wall Street estimates with $22.09 billion in revenue, surpassing the expected $21.09 billion. Adjusted earnings per share reached $2.24, well above the $1.90 forecast. Net income ROSE 15% year-on-year to $3.8 billion, fueled by robust growth in services, banking, and markets segments.
The services division posted its best quarter ever, with revenue up 7%. Banking surged 34%, while markets delivered its strongest third quarter with a 15% climb. CEO Jane Fraser highlighted investments in crypto and AI as key drivers of innovation. "The relentless execution of our strategy is delivering stronger business performance quarter after quarter," she said.
Despite higher costs linked to the Banamex stake sale, Citigroup's stock has surged 40% this year, outpacing the S&P 500. The bank remains committed to restructuring, including the planned divestiture of a 25% equity stake in its Mexican arm.
