(Finance) – Citigroup reported a Net income for the third quarter 2023 of $ 3.5 billion, or $ 1.63 per share, on revenues of 20.1 billion dollars. That compares with net income of $3.5 billion, or $1.63 per share, on revenue of $18.5 billion for third-quarter 2022.
Revenue increased 9% compared to the same period last year, largely driven by strength of Services and Markets in the Institutional Clients Group (ICG) area and US Personal Banking within the Personal Banking and Wealth Management (PBWM) area, as well as growth in Banking in ICG. This increase was partially offset by a reduction in revenue resulting from exits and liquidations within Legacy Franchises.
Results include impacts related to sales of $299 million in pre-tax profits, driven primarily by a gain on the sale of the Taiwanese consumer business, registered under Legacy Franchises. Excluding these impacts, earnings per share were $1.52.
“Despite the headwinds, our five core and interconnected businesses each posted revenue growth, with overall growth of 9%,” commented the CEO Jane Fraser – Services, our fastest growing business, grew 13% and Treasury and Trade Solutions reported its best quarter in a decade. Markets increased by 10% thanks to strength of fixed income. Banking benefited our mix and grew by 17%, supported by a recovery in debt issuance and some signs of life in equity capital markets. US Personal Banking also reported double-digit revenue growth, while the continued slowdown in spending points to an increasingly cautious consumer. And Wealth’s revenues have grown as the firm continues to win new mandates and acquire new clients.”
Revenues from the area Institutional Clients Group (ICG)of $10.6 billion, increased 12% (including loan hedge gains/losses), driven by growth in Services, Markets and Banking, partially offset by a net impact of approximately $180 million from from the Currency devaluation in Argentina on net investments in the country.