BusinessCitigroup's profit in the third quarter falls 25%, to 3,574 million

Citigroup’s profit in the third quarter falls 25%, to 3,574 million

Archive – FILED – 11 July 2008, Duesseldorf: The Citibank logo is seen outside a branch in Duesseldorf. Photo: Franz-Peter Tschauner/dpa – Franz-Peter Tschauner/dpa – File

The net profit of the US bank Citigroup in the third quarter of 2022 registered a year-on-year drop of 25%, to stand at 3,479 million dollars (3,574 million euros), according to the income statement published this Friday by the entity financial.

In the quarter, Citigroup provisioned 1,365 million dollars (1,402.1 million euros) to face credit losses, compared to 192 million (197.2 million euros) that it released from said buffer in the third quarter of 2021 .

The turnover between July and September was 18,508 million dollars (19,011.5 million euros), 6% less than a year ago. Income originating from net interest expanded by 18%, to 12,563 million (12,904.8 million euros), while those from commissions and fees fell by 37%, to 2,139 million (2,197.2 million euros).

On the other hand, the firm registered a turnover of 2,625 million (2,696.4 million euros), 18% more from transactions, while commissions for administration and fiduciary work fell by 9%, to 915 million (939.9 millions of euros).

The cost of employee benefits rose 11%, to 6,745 million (6,928.5 million euros), while the technology and communications item rose 7%, to 2,145 million (2,203.4 million euros) . Other operating expenses increased by 5%, to 2,895 million (2,973.8 million euros).

The CET1 capital ratio, the highest quality, stood at 12.2% at the end of the quarter, five tenths more than in the same period of 2021. The return on capital (RoE) contracted by 2.8 points, up to 8.2%.

Citigroup’s net profit in the whole of the first nine months of 2022 was 12,332 million dollars (12,667.5 million euros), 34% less, while total income advanced 4%, to 57,332 million ( 58,891.8 million euros).

Source: Europa Press

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