Citigroup has reported adjusted net income of $3.84bn for the third quarter of 2016, down 8% compared to $4.16bn a year ago.

The bank said that the fall in income was driven by lower revenues, partially offset by lower cost of credit and lower operating expenses.

Adjusted revenues for the quarter were $17.76bn, a fall of 4% from $18.49bn in the corresponding quarter of 2015.

The bank’s Global Consumer Banking (GCB) unit posted net income of $1.28bn for the third quarter of 2016, a 24% slump compared to $1.68bn in the year ago quarter. The bank attributed the fall in income to higher cost of credit and higher operating expenses, partially offset by the higher revenues.  

The unit’s total revenues increased 1% to $8.22bn from $8.13bn during the same quarter in 2015, while operating expenses increased 5% year-on-year to $4.44bn.

North America GCB net income stood at $811m, a decline of 25% compared to the previous year, driven by an increase in cost of credit and higher operating expenses. The unit’s revenues increased 7% to $5.2bn, with higher revenues in Citi-branded cards, Citi retail services and retail banking.

Citi CEO Michael Corbat said, "In the quarter, both our Global Consumer Bank and Institutional Clients Group had solid year-over-year revenue increases in nearly every business line and geography. We also continued to grow core loans and deposits while reducing non-core assets to just 3% of our balance sheet.

"We remain intensely focused on shareholder returns. The acquisition of the Costco portfolio and the recently announced sales of our retail operations in Argentina and Brazil are the latest examples of how we are shifting resources to the areas we believe will generate the best returns for our shareholders.”