The global consumer banking (GCB) unit of Citigroup has posted a net income of $1.67bn for the third quarter of 2015, down 11.1% from $1.88bn in the year ago quarter.
The unit’s total revenues stood at $8.46bn, a fall of 8.05% from $9.2bn a year ago, due a 13% decline in international GCB revenues.
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Operating expenses dropped by 10% to $4.5bn, reflecting ongoing efficiency savings and lower legal and related and repositioning expenses, the bank said in its earnings statement.
Overall, the banking group reported a net income of $4.29bn, or $1.35 per diluted share for the third quarter 2015, a surge of 51% from $2.84bn, or $0.88 per diluted share in the year ago quarter. Total revenues fell 5.06% to $18.69bn from $19.69bn in the prior year quarter.
Citigroup CEO Michael Corbat said: "Citi Holdings was profitable again this quarter and its assets declined 20% year-over-year to $110 billion. Consistent utilization of our deferred tax assets helped us generate $14 billion of regulatory capital.
"So far this year we have returned over $4 billion of that capital to our shareholders in the form of share buybacks and common stock dividends. Our tangible book value surpassed $60 per share and our Common Equity Tier One 2 Capital ratio increased to 11.6% on a fully-implemented basis."
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