CCEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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C earnings call: In terms of the journey ahead, as know, we expect to exceed this year's ROTCE target of 10-11%, even as we pull forward the investments to support our near term target of 11-13%, But these are simply the next waypoints on our path to reach 14-15% in a sustainable manner which we will do.花旗 (C) 电话会：展望未来，如您所知，我们预计将超过今年10%-11%的ROTCE目标，同时我们将提前投入资金以支持11%-13%的短期目标。但这些只是我们迈向可持续实现14%-15%目标道路上的下一个里程碑，我们定会做到。
Management remarks
Call period: 2026 Q3 · 2026-10-13
Guidance: Jane Nind Fraser: In terms of the journey ahead, as know, we expect to exceed this year's ROTCE target of 10-11%, even as we pull forward the investments to support our near term target of 11-13%, But these are simply the next waypoints on our path to reach 14-15% in a sustainable manner which we will do.
Demand and orders: Gonzalo Luchetti: With spend volume up 13% and average loans up 9%, both partially offset by declines in private label cards.
Margins: Gonzalo Luchetti: Wealth had a pre tax margin of 22%, generated positive operating leverage, net income of $585 million and a ROTCE of 14.3% in the quarter and 13.2% year to date.
Analyst Q&A
Analyst John McDonald asked: Obviously, you have got the 12.6% ROTCE for the year and 11.5% this quarter. It implies a little bit of deceleration in the fourth quarter. You know, if you do, something ending up at 11% to 12% for the year. Understanding there is lots of factors around seasonality and how much spending you pull forward, could you speak a little bit to the near term expectations and trajectory for ROTCE for the fourth quarter? Management Gonzalo Luchetti answered: And so that more or less sets you up for the above 11 that we are looking at. But you can see kind of the confidence coming through in how we are we have been raising, the estimates over the last 30 days a couple of times over. As you look forward into 2027, I think undeniably, have business momentum. You can see that on our revenue growth, right, 7% a year ago. Ex notable items. First half of the year about 14%, this quarter about 8%, You look at the drivers, you can see the client momentum. Driving that revenue growth, so we feel very good about that.
