Citigroup’s net profit in the third quarter exceeded expectations and amounted to $3.5 billion

Citigroup reported for the third quarter of 2023, the Bank earned $1.63 per share on revenue of 20.1 billion, exceeding the expectations of analysts surveyed by FactSet. They forecast earnings of $1.23 per share on revenue of $19.3 billion. writes Barron’s.

Citigroup’s quarterly revenue growth was 9% year over year and 4% quarter over quarter. Net profit grew by 2% YoY and by 22% QoQ, amounting to $3.5 billion.

Following the release of earnings, Citigroup shares rose 4.29% to $43.31. As of 17:58 Moscow time, the securities were trading at $42.66 (+2.72%).

Total credit costs were $1.8 billion, roughly the same as the previous quarter but 35% higher than a year earlier due to the “continued normalization of net credit losses.”

Citigroup’s financial results came after the bank announced sweeping changes to its organizational structure. Citigroup explained this by the need to make its operations more efficient. However, last month he emphasized that the consequences of his changes would not be reflected in the financial statements until the fourth quarter.

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