Citigroup, Like JPMorgan, Posts Higher Profit on Tax Cuts

October 12, 2018

Via: TheStreet

Citigroup Inc. (C) , the U.S. bank with the most sprawling international operations, said third-quarter profit rose 12% from a year earlier thanks to President Donald Trump’s steep cuts in corporate tax rates, even as revenue growth stalled.

Net income rose to $4.6 billion, the New York-based bank said Friday, Oct. 12, in a statement. Earnings per share were $1.73, beating the average analyst estimate of $1.68 in a FactSet survey.

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