Citigroup (C) reported net income of $3.77 billion in the third quarter, or $1.23 per share, up 74% from about $2.17 billion, or 72 cents a share, one year ago. Revenue for the three months ended Sept. 30 inched higher to about $20.8 billion, including a gain of $1.9 billion from credit valuation adjustments. Excluding the gain, third-quarter revenue fell 8% to $18.9 billion from $20.74 billion a year ago. The bank cut its loan loss reserve to $1.4 billion, down from $3.4 billion one year ago. Tier 1 common capital stood at $115.3 billion or 11.7%. Citi continued cutting its legacy Citi Holdings assets, reducing the portfolio to $289 billion in the third quarter, a 31% decrease from last year. At the end of the quarter, Citi Holdings represented 15% of the bank’s balance sheet. Revenues in the bank’s North American business totaled $3.4 billion, down 9% from last year due to a decline in credit card balances. The bank originated fewer mortgages as well, and the bank said profits shrank on those it did write during the third quarter. “Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results,” said Citi CEO Vikram Pandit. “We continued to manage our risk prudently while growing the businesses that are core to our strategy.” Write to Jon Prior. Follow him on Twitter @JonAPrior.
Citi profits up 74% from last year
Most Popular Articles
Latest Articles
Labor market report is good news for mortgage rates
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected, which is good news for mortgage rates.
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts
-
NAR settlement terms slated to go into effect in mid-August