August 1, 2021

Citigroup earns 13,732 million dollars in the first nine months, 14% more

Citigroup earns 13,732 million dollars in the first nine months, 14% more



The US banking group Citigroup earned 13,732 million dollars in the first nine months of the year, 14% more than the same period 2017, thanks in part to that cut costs and paid less taxes, as disclosed today in a statement.

The entity, the third in the United States, won between $ 5.04 per share between January and September, compared to $ 4.05 a year earlier, 24% more than those nine months of the previous year, when it had a benefit of 12,095 million.

In addition, the turnover between January and September grew a slight 1%, to 55,730 million.

In the third quarter, figures to which investors paid more attention today, the banking group obtained a net profit of 4,622 million dollars, 12% more than in that period of the previous year, when it obtained 4,133 million.

Per share, the entity had a quarterly benefit of $ 1.73, compared to 1.42 for 2017.

A good part of the increase in benefits, however, comes from a reduction in taxes paid by the bank as a result of the tax reform and spending cuts.

Revenues fell slightly to 18,389 million in this last quarter, compared to 18,419 million achieved a year before and below the expectations of analysts, who expected revenues of 18,460 million.

Meanwhile, the bank paid 21% less taxes than a year before as a result of the tax reform approved in the United States.

Citigroup CEO Michael Corbat highlighted the increase in revenue and said the firm "is firmly on track to meet its financial goals for the whole of 2018" and will continue to make investments to support future growth.

The shares of the entity, released before the opening of Wall Street, amounted to 1.43% close to the half session. So far this year, its value has depreciated 6.79%.

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