Citigroup’s earnings came in barely above last quarter and down from last year with revenues at $17.7 million in the third quarter. This is down 5% from last year’s $18.6 million and up 1% from last quarter’s $17.5 million.
The bank’s diluted net income per share remained unchanged from last quarter at $1.24, but decreased 8% from last year’s $1.36. Total net income decreased 4% from last quarter’s $3.9 million and is down 11% from last year’s $4.2 million to $3.8 million.
Mortgage originations increased 2% from last quarter’s $6.4 million to $6.5 million. This is down, however, by 13% from last year’s $7.5 million.
In fact, earnings from Citigroup's mortgage division decreased 9% from last quarter’s $16.4 million to $15 million in the third quarter. The drop is even more significant from last year at 30% from $21.4 million.
While Citigroup is struggling within its mortgage space, other banks such as Wells Fargo and JPMorgan Chase had strong mortgage origination numbers that even drove their overall revenue growth.
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