Citigroup Inc. (C) reported that its third quarter net income increased 48% year-on-year driven by a lower cost of credit, partially offset by the lower revenues and higher expenses. Excluding the impact of the sale of consumer business in Australia, third quarter revenues improved 3% from prior year. The company said the revenue growth was largely driven by growth across the Institutional Clients Group.
Third quarter earnings per share was $2.15 compared to $1.36, previous year. Excluding impact of Australia sale, earnings per share was $2.44, for the quarter. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.65, for the quarter. Analysts' estimates typically exclude special items. Excluding impact of Australia sale, adjusted net income was $5.2 billion, for the quarter.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.