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.
For comments and feedback: editorial@rttnews.com