Citigroup delivered quarterly earnings this morning that topped analysts’ expectations, announcing its highest quarterly profit in eight years.
Legal expenses plunged and restructuring efforts and cost cuts appear to have paid off, with Citi’s net income rising 18 percent to $4.65 billion from $3.93 billion a year earlier. The bank’s shares rose by 2% in pre-market trading.
“Our results for the quarter show very balanced performance across our business lines,” said Michael Corbat, CEO of Citigroup. “We grew loans and deposits in constant dollars in Global Consumer Banking, while also gaining wallet share among target clients in our Institutional Clients Group.”
Several banks have already reported this week, including Bank of America whose earnings were stronger than expected as well as both Wells Fargo and JPMorgan who beat analysts expectations. Foreign banks will also report over the next few weeks, when it will emerge how they have compared to their UK counterparts.
