Global Head, Citi Private Bank
October 20, 2016Posted InCiti
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The latest quarterly financial results emphasize Citigroup’s underpinnings in an uncertain world.
Uncertainty abounds in today’s financial markets. Almost four months since the United Kingdom voted to leave the European Union, we have little more clarity about the economic and investment implications of this historic event. Meanwhile, the most unusual US presidential race in living memory reaches its climax in just a few weeks’ time. Against this challenging backdrop, however, Citigroup continues to achieve steady progress across its business.
On 14 October 2016, Citigroup reported third-quarterly net income of US$3.8bn and earnings per share of US$1.24, ahead of analysts’ expectations of US$1.16 a share. The Common Equity Tier 1 capital ratio – a widely-used gauge of banks’ financial strength – improved to 12.6%, up from 11.7% a year ago. During the quarter, Citigroup also returned some US$3bn of capital to shareholders via dividends and share repurchases.
“I am very encouraged by the underlying momentum across our franchise, notably in several areas where we have been investing,” said Citi Chief Executive Officer Michael Corbat. “In the quarter, both our Global Consumer Bank and Institutional Clients Group had solid year-over-year revenue increases in nearly every business line and geography.” Citi Private Bank is an integral part of Citi’s Institutional Client Group.
“Our clients want to partner with a robust institution as they seek to protect and grow their wealth,” said Peter Clive Charrington, Global Head of Citi Private Bank. “Especially in today’s uncertain conditions, we believe these results emphasize the strength of Citi’s capital position and of our global business.”
To read more about Citi’s latest financial performance, please click here .