Citigroup Q3 Net Profit Surges 40% - Update
(RTTNews) - Citigroup, Inc. (C) reported Tuesday a net income to common shareholders of $5.25 billion or $2.85 per share for the third quarter, up from $3.75 billion or $1.86 per share in the prior-year quarter, driven by changes in the macroeconomic outlook and portfolio growth.
The provision for credit losses was $2.59 billion, reflecting $2.2 billion of net credit losses and a net reserve build of $369 million, up 6 percent from $2.45 billion last year, driven by changes in the macroeconomic outlook and portfolio growth.
Total revenues, net of interest expense, for the quarter increased 8 percent to $23.85 billion from $22.09 billion in the prior-year quarter, driven by growth in Services, Wealth, Markets and Banking, partially offset by a decline in All Other.
Net interest income increased 14 percent to $16.98 billion and non-interest income increased 8 percent to $6.86 billion from last year.
In Tuesday's pre-market trading, C is trading on the NYSE at $131.05, down $0.88 or 0.67 percent.
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