Citigroup has reported a net income of $4.13bn for the third quarter of 2017, an increase of 8% compared to $3.84bn a year ago.
Total revenues for the quarter were $18.17bn, up 2% from $17.76bn in the same period last year.
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Citigroup’s Private Bank revenues increased 15% to $785m from $680m in the previous year. The bank attributed the rise to growth in clients, loans, investment activity and deposits, and improved spreads.
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.
“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.
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By GlobalData“We made further progress towards the targets we discussed on investor day in terms of ROTCE, 9.8% ex-DTA year-to-date, and efficiency ratio, 57% year-to-date.”
