A sign in front of a Citibank office in California.
Justin Sullivan | Getty Images
Citigroup will announce its third-quarter earnings before the market closes on Thursday.
According to Refinitiv’s consensus estimates, Wall Street expects earnings per share of US$1.65 and revenue of US$16.97 billion. According to StreetAccount’s estimates, analysts expect revenue from fixed-income transactions to be US$3.07 billion and revenue from stock trading to be US$909.7 million.
In addition to performance, investors will also pay attention to Citi’s expectations for economic recovery, interest rates and loan creation. They will also look for new insights into the banking plan that CEO Jane Fraser took over earlier this year.
For the second quarter, Citi’s top and bottom lines exceeded expectations, partly because of a $1.1 billion gain in loan loss reserves. The bank also announced in April that it would withdraw from retail businesses in 13 non-US countries.
On Wednesday, JPMorgan Chase exceeded profit expectations due to a $1.5 billion increase in loan loss reserves, which kicked off the bank’s earnings season.
Citi’s stock price has risen about 14% so far this year, lagging behind the returns of the KBW Bank Index and some of its large peers.
This story is developing. Please check for updates.
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