Citigroup has reported a net income of $4.13bn for the third quarter (Q3) of 2017, an increase of 8% compared to $3.84bn a year ago.
Total revenues for the reporting period were $18.17bn, up by 2% from $17.76bn in the same period last year.
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The bank’s Global Consumer Banking (GCB) unit posted net income of $1.17bn for the third quarter of 2017, a 6% fall from $1.24bn in the third quarter of 2016.
The division’s total revenues rose 3% to $8.43bn from $8.16bn the last year, while expenses remained almost flat at $4.41bn.
North America GCB net income slumped 16% year-on-year to $655m, due to higher cost of credit. North America GCB revenues increased 1% year-on-year to $5.2bn, as higher revenues in retail banking and Citi retail services were partially offset by lower revenues in Citi-branded cards.
Citi CEO Michael Corbat said: “We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth.
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By GlobalData“We had revenue increases in many of the products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses.
“We had positive operating leverage across the Global Consumer Bank and the Institutional Clients Group continued to gain wallet share as a result of our efforts to deepen our relationships with our target clients.”
