- Citigroup Inc reported higher-than-expected earnings on Monday despite declining revenue as the New York-based lender cut costs, grew investment-banking revenues and expanded net-interest margins.
The bank’s income from continuing operations actually declined slightly. But net income rose because its effective tax rate declined to 21 percent from 24 percent a year earlier. JPMorgan Chase & Co on Friday reported that its U.S. consumer deposits were up 3 percent from a year earlier. Investment banking revenue rose 20 percent to $1.4 billion, as strong growth in advisory and investment-grade debt underwriting more than offset a drop in equity underwriting.
Revenue from consumer banking, the bank’s largest business, was flat at $8.5 billion, due to weakness in Asia. Citi’s net interest margin, a closely watched metric, expanded 8 basis points to 2.72 percent in the quarter, while total operating expenses fell 3 percent to $10.58 billion
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