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Citi 3Q profit fall 34% but tops Wall Street expectations

October 13, 2020

Via: ABC News

Citigroup says profit fell 34% in the third quarter due to weakness in its consumer banking division, as the pandemic continues to make it tough for millions of Americans and businesses to pay their bills.

The New York-based bank said Tuesday that third-quarter net income fell to $3.23 billion from $4.91 billion in the year ago quarter.

Per-share earnings for the latest quarter were $1.40. That result topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

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