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Citigroup adds 3% as earnings, revenue beat analysts' estimates

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Citigroup adds 3% as earnings, revenue beat analysts' estimates

Citigroup's institutional clients unit saw $10.6B in revenue, a 12% increase year over year and 2% from the second quarter. The personal banking and wealth management division generated $6.8B in revenue, up about 10% year-over-year and 6% from the second quarter.

“Despite the headwinds, our five core, interconnected businesses each posted revenue growth resulting in overall growth of 9%,” CEO Jane Fraser said in a press release. Citigroup reported a total cost of credit of $1.84B at the end of the quarter, a slight increase from $1.82B at the end of the second quarter and $1.37B a year ago. This metric includes a net build of $125 million in the allowance for credit losses during the third quarter.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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