Citigroup Inc. (C) reported third quarter net income of $3.5 billion, which was down 25% from the prior-year period, primarily driven by higher cost of credit resulting from the loan growth in PBWM and higher operating expenses. Earnings per share was $1.63, decreased 24% from the prior-year period, reflecting the lower net income, partially offset by an approximate 4% decline in average shares outstanding.
The company noted that its third quarter results included Asia Consumer divestiture-related impacts of approximately $520 million in earnings before taxes, primarily driven by a gain on the sale of the Philippines consumer business. Excluding these divestiture-related impacts, earnings per share was $1.50, for the quarter. Analysts on average had expected the company to earn $1.42 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.