Citigroup’s third-quarter earnings don’t bode well for CitiMortgage

Total revenues drop from 2015

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.

(Photo credit: TungCheung /

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