Under the modified CECL transition provision, the allowance for credit losses (after-tax) upon the January 1, 2020 CECL adoption date has been deferred and will phase in to regulatory capital at 25% per year commencing January 1, 2022. For a reconciliation of this measure to reported results, see Appendix E. 6 The discrete tax items include an approximately $180 million benefit of a reduction in Citis valuation allowance related to its Deferred Tax Assets (DTAs). <> ET. On this basis, and excluding the gain on sale in the prior period, revenues increased 3%, primarily driven by an increase in cards revenues and improved deposit spreads. Citigroup said Friday that its third-quarter earnings fell 25% as it bulked up its credit loss provisions and investment banking slumped. Citigroup will build momentum: Pro Citigroup announced third-quarter earnings and revenue Friday morning that topped Wall Street expectations. x ]}}Y9HS-Z(Z)%Q"%");9LSII.&AI7$mE&u4) The company reported $2.27 earnings per share for the quarter, beating analysts consensus estimates of $2.12 by $0.15. 6 0 obj When combined with 6% growth in net income, they have also helped drive our Tangible Book Value per share up 12% over the same amount of time, Mr. Corbat concluded. endobj Citigroup ( NYSE:C ) Third Quarter 2022 Results Key Financial Results Revenue: US$17.1b (down 2.8% from 3Q 2021). New York Citigroup Inc. today reported net income for the third quarter 2019 of $4.9 billion, or $2.07 per diluted share, on revenues of $18.6 billion. During the quarter, Citigroup returned a total of $1.1 billion to common shareholders in the form of dividends. We remain committed to returning capital to our shareholders, subject to the industry-wide approach determined by the Federal Reserve. Our Institutional Clients Group again had very strong performance, especially in Markets, Investment Banking and the Private Bank. Meanwhile, Citi's equities sales and trading revenue of $1.01 billion slightly beat analyst estimates of $995.8 billion. Advisory revenues increased 5% to $276 million, equity underwriting revenues decreased 5% to $247 million and debt underwriting revenues increased 7% to $705 million. Percentage comparisons throughout this press release are calculated for the third quarter 2019 versus the third quarter 2018, unless otherwise specified. Citigroup's book value per share of $81.02 and tangible book value per share of $69.03, both as of quarter end, increased 11% and 12%, respectively, versus the prior year, driven by higher net income and reduced share count. Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. The bank reported $18.51 billion in revenue versus the $18.25 billion expected by analysts, according to Refinitiv. stream Citigroup ( NYSE:C) Third Quarter 2022 Results Key Financial Results Revenue: US$17.1b (down 2.8% from 3Q 2021). Citigroup said Friday that its third-quarter earnings fell 25% as it bulked up its credit loss provisions and investment banking slumped. Press: Jennifer Lowney (212) 793-3141 At 11 a.m. Prepared Remarks: Operator. 3 Ratios as of September 30, 2019 are preliminary. <> Citigroup's allowance for loan losses was $12.5 billion at quarter end, or 1.82% of total loans, compared to $12.3 billion, or 1.84% of total loans, at the end of the prior-year period. No-moat Citigroup reported decent third-quarter results.Earnings per share of $1.63 came in ahead of the FactSet consensus of $1.42; the primary difference with our The conference code for both numbers is 9492234. AUA: Assets Under Administration. On the trading front, Citigroup reported $3.06 billion in fixed income revenue and $1.01 billion in equities revenue. Michael Corbat, Citi CEO, said, We continue to navigate the effects of the COVID-19 pandemic extremely well. The Zacks Consensus Estimate for third-quarter earnings of $1.56 has been revised 3.7% downward over the past week. Citigroups results of operations excluding the impact of gains / (losses) on loan hedges are non-GAAP financial measures. North America GCB revenues of $5.4 billion increased 4%. ICG cost of credit included net credit losses of $326 million, compared to $110 million in the prior-year period, and an ACL build of $529 million compared to a build of $43 million in the prior-year period, reflecting the impact of continuing uncertainty surrounding the macroeconomic outlook. The Zacks Consensus Estimate for third-quarter earnings of $1.56 has The Personal Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. View Financial Supplement (Excel). That adjusted number came in ahead of analyst expectations of $1.42 per share, according to Refinitiv. Citigroups effective tax rate was 18% in the current quarter compared to 24% in the third quarter 2018. To attend the live webcast please visit https://www.veracast.com/webcasts/citigroup/webinars/KG34HX.cfm. Citigroups results of operations excluding the impact of gains / (losses) on loan hedges are non-GAAP financial measures. WebCNBC's Leslie Picker joins 'Squawk Box' to break down Citigroup's third-quarter earnings results, which topped Wall Street's revenue expectations. endobj However, Citi shares gained more 2 0 obj "Given the strength of our balance sheet, capital levels and liquidity, we are well positioned to help our clients navigate very challenging markets and slower growth," Citigroup CEO Jane Fraser said. ICG cost of credit included net credit losses of $89 million, compared to $23 million in the prior-year period, and a net loan loss reserve build of $2 million compared to $48 million in in the prior-year period. 5 Citigroups tangible book value per share is a non-GAAP financial measure. GCB operating expenses of $4.6 billion decreased 2%. North America GCB revenues of $4.5 billion decreased 13%. We are committed to thoroughly addressing the issues contained in the Consent Orders we entered into last week with the Federal Reserve and the Office of the Comptroller of the Currency. RWA: Risk-Weighted Assets. This was up 6% year over year. Percentage comparisons throughout this press release are calculated for the third quarter 2020 versus the third quarter 2019, unless otherwise specified. Citigroup C is scheduled to report third-quarter 2022 results on Oct 14, before market open. Excluding the gain on sale, revenues increased 2%, reflecting solid performance across both GCB and the Institutional Clients Group (ICG). The bank also said it is ending nearly all institutional client services in Russia by the end of the first quarter of next year. Citigroups SLR for the third quarter 2019 was 6.3%, a decrease from the prior quarter. 3 0 obj Latin America GCB revenues of $1.4 billion decreased 16% on a reported basis and 13% in constant dollars. This The total credit loss provision for the quarter came in at $1.37 billion. DocuSign's third-quarter adjusted earnings topped analysts' expectations by 15 cents. Citigroup operating expenses of $10.5 billion in the third quarter 2019 increased 1%, as volume-driven growth and continued investments in the franchise more than offset efficiency savings and the wind-down of legacy assets. The CTA loss Securities Services revenues of $664 million decreased 1% on a reported basis, but increased 2% in constant dollars, reflecting higher volumes from new and existing clients. A telephonic replay of the call will be available approximately two hours after the event until October 22, 2022, by calling (800) 839-5687 (for U.S. and Canada callers) or (402) 220-2569 (for international callers). Q&^C]U> +G(#$T~w=: /}#K?+~ m@%wKI/ M. During the quarter, Citigroup repurchased 76 million common shares and returned a total of $6.3 billion to common shareholders in the form of common share repurchases and dividends. But Dial-in numbers for the conference call are as follows: (866) 516-9582 in the U.S. and Canada; (973) 409-9210 outside of the U.S. and Canada. ICG operating expenses increased 3% to $5.8 billion, driven by continued investments in infrastructure, risk management and controls, as well as higher compensation costs. Although Global Consumer Banking revenues remained lower as a result of the pandemic, we did see higher activity in our mortgage and wealth management products. 4 min read Citigroup C delivered an earnings surprise of 30.3% in third-quarter 2021. Markets and Securities Services revenues of $5.2 billion increased 16%. Revenues increased 1% from the prior-year period, including a gain on the sale (approximately $250 million) of an asset management business in Mexico in Global Consumer Banking (GCB) in the third quarter 2018. Advisory revenues decreased 41% to $163 million, while equity underwriting revenues increased 96% to $484 million and debt underwriting revenues increased 5% to $740 million. Fraser, who took over the New York-based bank last year, has announced plans to exit retail banking markets outside the U.S. and set medium-term return targets in March. Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services., 2022 CNBC LLC. Net income increased 6% from the prior-year period, driven by a lower effective tax rate and the higher revenues, partially offset by higher expenses and cost of credit. Citigroup will host a conference call today at 10:00 a.m. (ET). Corporate / Other expenses of $485 million increased 6%, primarily reflecting higher infrastructure costs, partially offset by the wind-down of legacy assets. The backbone of our global network, Treasury and Trade Solutions experienced strong client engagement in the face of low interest rates. 1 Citigroups total expenses divided by total revenues. <> Thanks, https://bigredbounce.com/wp-content/uploads/2013/07/slip-and-slide-video.mp4, Check out our amazing inflatables and pricing, click on our Entertainment Options below, Come join us at a public event, dates and locations listed on our Calendar. View Financial Supplement (Excel). In the quarter ended Sept. 30, net income fell 25% year over year to $3.48 billion, or $1.63 in earnings per share. Citigroups return on average tangible common equity (RoTCE) is a non-GAAP financial measure. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue. New York Citigroup Inc. today reported net income for the third quarter 2021 of $4.6 billion, or $2.15 per diluted share, on revenues of $17.2 billion. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Revenues decreased 7% from the prior-year period, primarily reflecting lower revenues in Global Consumer Banking (GCB) and Corporate / Other, partially offset by growth in Fixed Income Markets, Investment Banking, Equity Markets and the Private Bank in the Institutional Clients Group (ICG). Corporate / Other income tax benefit of $255 million compared to income tax of $116 million in the prior-year period, primarily reflecting the benefit of a discrete tax item and a pre-tax loss in the current period. These statements are based on managements current expectations and are subject to uncertainty and changes in circumstances. For the last reported quarter, it was expected that Citigroup would post earnings of $1.67 per share when it actually produced earnings of $2.30, delivering a surprise of +37.72%. endstream Asia GCB revenues of $1.9 billion increased 3% on a reported basis and 5% in constant dollars, driven by higher deposit and investment revenues. Net income: US$3.18b (down 27% from 3Q 2021). GCB cost of credit of $1.6 billion decreased 20% on a reported basis and 19% in constant dollars, including an ACL release driven by reduced loan volumes and lower net credit losses given high levels of liquidity in the U.S., lower spending and the benefits of relief programs. NEW YORK, October 14, 2022 -- ( BUSINESS WIRE )--Please view Citis third In constant dollars, expenses decreased 1%, as efficiency savings more than offset continued investments in the franchise and volume-driven growth. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. GCB net income of $1.6 billion increased 1% on a reported basis and 2% in constant dollars, driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit. Equity Markets revenues of $875 million increased 15%, as solid performance in cash equities and derivatives was partially offset by lower revenues in prime finance. Fixed Income Markets revenues of $3.2 billion were largely unchanged, with improved activity with both corporate and investor clients, and strength in rates and currencies, particularly in G10 rates. Excluding the deferrals based on the modified CECL transition provision, Citigroups CET1 Capital ratio and SLR as of September 30, 2020 would be 11.3% and 6.6%, respectively, on a fully reflected basis. Investors: Jennifer Landis (212) 559-2718. For the components of the calculation, see Appendix A. 2 Preliminary. With companies veering away from mergers and acquisitions, as well as debt and equity issuances, revenues from Citigroups IB business are expected to have remained muted. Fixed Income Markets revenues of $3.8 billion increased 18%, driven by strong performance across spread products and commodities. The Earnings Whisper number was $1.64 per share. However, Citi shares ticked up 0.65% as revenue climbed more than analysts expected, helped by rising interest rates, and earnings per share topped Wall Street expectations. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 960 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> This compared to net income of $4.9 billion, or $2.07 per diluted share, on revenues of $18.6 billion for the third quarter 2019. New York Citigroup Inc. today reported net income for the third quarter 2020 of $3.2 billion, or $1.40 per diluted share, on revenues of $17.3 billion. Trane Technologies had a net margin of In the US, Branded Cards increased revenues by 11% and we saw continued deposit momentum through both digital and traditional channels. Investment Banking revenues of $1.4 billion increased 13%, reflecting solid growth in capital markets, particularly in equity underwriting. Retail Banking revenues of $1.3 billion decreased 2%, as the benefit of stronger deposit volumes was more than offset by lower deposit spreads. Bank of America reports Monday and Goldman Sachs Tuesday. <> 7 Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. Citigroup's (C) Q3 earnings are driven by the Personal Banking and Wealth Management segment's strong revenues. Net income declined 34% from the prior-year period, largely driven by the lower revenues, an increase in expenses and higher credit costs. WebGet the latest financial news from Citi, the worldwide leader in consumer and corporate banking. Our final question today comes from the line of Paul Lejuez with Citigroup. Both this earnings release and Citigroups Third Quarter 2020 Quarterly Financial Data Supplement are available on Citigroups website at www.citigroup.com. Our Institutional Clients Group also had balanced performance, with solid results in both the market-sensitive and accrual-type businesses. Corporate Lending revenues of $538 million declined 25% (excluding gain / (loss) on loan hedges), as higher loan volumes were more than offset by lower spreads. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. Read the full press release with tables and CEO commentary. Gains / (losses) on loan hedges includes the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. Citigroup (C) reported 3rd Quarter September 2022 earnings of $1.50 per share on revenue of $25.9 billion. Citigroup grew its allowance for credit losses by a net of $370 million during the quarter, compared with a release of more than $1 billion in the same period last year. Contacts: At 11 a.m. (ET), results will be reviewed via live webcast and teleconference. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citi Fourth Quarter 2022 Earnings Review. We offer indoor facilities that include many of our inflatables for a great price. Citigroup cost of credit of $2.1 billion in the third quarter 2019 increased 6%, primarily driven by volume growth and seasoning in Citi-Branded Cards and Citi Retail Services in North America GCB. Citigroup reported third-quarter earnings results that beat analyst estimates on Friday, but mixed trading results sent shares lower. New York Citigroup Inc. today reported net income for the third quarter 2019 of $4.9 billion, or $2.07 per diluted share, on revenues of $18.6 billion. NX08k),pWkF}@+@&zgAM[?62$Yx$pl8p8iwanRcAGGN Citigroup net income of $3.2 billion in the third quarter 2020 declined 34%, driven by the lower revenues, the higher expenses, the higher cost of credit and a higher effective tax rate. Citigroup Revenues and Earnings Beat Expectations. Consumer non-accrual loans declined 9% to $1.7 billion, while corporate non-accrual loans of $3.6 billion increased 94% from the prior-year period. Certain statements in this release are forward-looking statements within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). For the composition of Citigroups Common Equity Tier 1 (CET1) Capital and ratio, see Appendix C. For the composition of Citigroups Supplementary Leverage Ratio (SLR), see Appendix D. 4 Citigroups payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. The company generated $3.06 billion in revenue from its fixed income sales and trading division, which fell short of analyst estimates for $3.17 billion in revenue. At quarter end, Citigroups CET1 Capital ratio was 11.8%, up from the prior quarter, driven by net income, partially offset by an increase in risk-weighted assets. But Morgan Stanley missed forecasts as investment banking revenue tumbled. Danielle Romero-Apsilos (212) 816-2264 Citigroup's book value per share of $84.48 and tangible book value per share of $71.95 each increased 4% versus the prior-year period, driven by net income. Citigroup reported third-quarter earnings results that beat analyst estimates on Friday, but mixed trading results sent shares lower. Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Citigroup shares have slumped 29% this year, leaving it by far the lowest-valued among its U.S. peers. NEW YORK, December 09, 2022--Citigroup will issue its fourth quarter results via press release at approximately 8 a.m. (ET) on Friday, January 13, 2023. Total non-accrual assets grew 40% from the prior-year period to $5.3 billion. Citi Citi At quarter end, Citigroups CET1 Capital ratio was 11.6%, down from the prior quarter, as net income was offset by common share repurchases and dividends, along with an increase in risk-weighted assets. A replay and transcript of the webcast will be available shortly after the event. New York Citigroup will issue its third quarter results via press release at approximately 8 a.m. (ET) on Friday, October 14, 2022. WebQuarterly Earnings Releases and Supplements 2022 Financial Information 2021 Financial Information April 12, 2022 - Historical Quarterly Summary Financial Information Financial Revenues, net of interest expenses, moved up 6% year over year to $18.5 billion in the third quarter. Even after its restructuring, Citigroup has more overseas operations than its rivals, leaving it more exposed to slowing economies as the impact of a surging U.S. dollar ripples around the world. Shares of Citigroup gave up early morning gains and fell about 0.5% following the results. Citigroups SLR for the third quarter 2020 was 6.8%, an increase from the prior quarter. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including, among others, the efficacy of Citi's business strategies and execution of those strategies, such as those relating to its key investment, efficiency and capital optimization initiatives, governmental and regulatory actions or approvals, various geopolitical and macroeconomic uncertainties, challenges and conditions, for example, changes in monetary policies and trade policies, and the precautionary statements included in this release and those contained in Citigroup's filings with the SEC, including without limitation the Risk Factors section of Citigroup's 2018 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. 8 Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. "5KK_?k!+-KCRS l JGeH*}K]nR.o;/I?#}\z+ HHee/JPzSzYHc4 6]F|W:T^\K~Ts hvOK_wgJ)|U^ At this time, all participants are in a listen -only mode. 1 min read. Last year, it posted a loss on its sale of an Australian business. Citigroup said Friday that its third-quarter earnings fell 25% as it bulked up its credit loss provisions and investment banking slumped. For a reconciliation of these measures to reported results, see Appendix B. Bank of America is up by 0.9% while Citigroup is gaining 1.1% and Wells Fargo is ahead by 0.8%. Citigroup reports third-quarter earnings, tops revenue expectations In this video C +0.23 (+0.52%) Share Squawk Box Citigroup reports third-quarter earnings, tops Citigroup reports third-quarter earnings, tops revenue expectations. 7 Credit derivatives are used to economically hedge a portion of the private bank and corporate loan portfolio that includes both accrual loans and loans at fair value. Citigroup's end-of-period loans were $692 billion as of quarter end, up 2% from the prior-year period. Click here for the complete press release and summary financial information. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. https://www.veracast.com/webcasts/citigroup/webinars/KG34HX.cfm. Our capital position strengthened during the quarter with our Common Equity Tier 1 ratio increasing to 11.8% and our Tangible Book Value per share increasing to $71.95. Personal banking was a bright spot for Citi, as revenue rose 10% year over year to $4.33 billion, reflecting growing net interest income as interest rates have climbed. Citigroup cost of credit of $2.3 billion in the third quarter 2020 increased 8%, largely reflecting an increase in ICG allowance for credit loss (ACL) reserves, partially offset by decreases in GCB and Corporate / Other. Retail Banking revenues of $1.1 billion decreased 2%, as the benefit of stronger deposit volumes and an improvement in mortgage revenues were more than offset by lower deposit spreads. This compares to net income of $4.6 billion, or $2.15 per diluted share, on revenues of $17.4 billion for The increase was driven by higher net credit losses, primarily reflecting volume growth and seasoning in Citi-Branded Cards and Citi Retail Services in North America GCB. Consistent with the commitment we made in 2017, we remain on track to return more than $60 billion of capital to our shareholders over a three-year period which ends next year. Total non-accrual assets declined 6% from the prior-year period to $3.8 billion. Commencing January 1, 2020, Citigroups Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Loss (CECL) standard. For the composition of Citigroups CET1 Capital and ratio, see Appendix C. For the composition of Citigroups SLR, see Appendix D. 4 Citigroups payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. Citigroup operating expenses of $11.0 billion in the third quarter 2020 increased 5%, as the civil money penalty, investments in infrastructure, risk management and controls, higher compensation and COVID-19 related expenses more than offset efficiency savings and reductions in marketing and other discretionary spending. In the third quarter 2020, gains / (losses) on loan hedges included $(117) million related to Corporate Lending and $(8) million related to the Private Bank, compared to losses of $(33) million related to Corporate Lending in the prior-year period. ICG net income of $3.2 billion increased 1%, as the revenue growth was partially offset by higher expenses and cost of credit. The sale of its consumer business in the Philippines was the primary driver of revenue growth in the quarter, Citi said. Buybacks have lowered our common shares outstanding by 259 million shares, or 11%, in the last year alone. AUA: Assets Under Administration. Read the full press release with tables and CEO commentary. Fixed Income Investors: Thomas Rogers (212) 559-5091. For the components of the calculation, see Appendix A. Core Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. GCB operating expenses of $4.2 billion decreased 3% on a reported basis and 2% in constant dollars, as lower volume-related expenses, reductions in marketing and other discretionary spending and efficiency savings were partially offset by increases in COVID-19 related expenses. In the Institutional Clients Group segment, total revenues, net of interest expenses, were $9.46 billion in the third quarter, down 5% year over year. Gains / (losses) on loan hedges includes the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. Also on Friday, JPMorgan beat its earnings estimates as the bank saw revenue derived from its fixed-income trading unit beat expectations. Results include a $400 million civil money penalty in connection with consent orders recorded in Corporate / Other. Citigroup will host a conference call today at 10 a.m. (ET). Corporate / Other loss from continuing operations before taxes of $(1.1) billion compared to a loss of $(36) million in the prior-year period, driven by the lower revenues and the increased expenses, partially offset by a larger ACL release on the legacy portfolio. 3 Ratios as of September 30, 2020 are preliminary. These factors also consist of those contained in Citigroups filings with the SEC, including without limitation the Risk Factors section of Citigroups Second Quarter 2020 Form 10-Q and Citigroups 2019 Form 10- K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. Certain statements in this release are forward-looking statements within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are not guarantees of future results or occurrences. After that, the only exposure the bank will have to Russia will be those necessary to fulfill its remaining legal and regulatory obligations. Consumer non-accrual loans declined 8% to $2.2 billion and corporate non-accrual loans declined 1% to $1.5 billion. Banking revenues of $5.0 billion increased 5% (including gain / (loss) on loan hedges)8. Net Income of $3.2 Billion ($1.40 per Share), Returned $1.1 Billion of Capital to Common Shareholders Through Dividends. Citi CEO Michael Corbat said, Despite an unpredictable environment throughout the quarter, we continue to deliver on our strategy of improving shareholder returns through consistent, client-led growth while also executing against our capital plan. Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. %PDF-1.7 Fixed Income Investors: Thomas Rogers (212) 559-5091. For the components of the calculation, see Appendix A. This compared to net income of $4.6 billion, or $1.73 per diluted share, on revenues of $18.4 billion for the third quarter 2018. All footnotes are presented on Slide 35. Private Bank revenues of $867 million increased 2%, driven by higher lending and deposit volumes, as well as higher investment activity, with both new and existing clients, partially offset by spread compression. % Corporate Lending revenues of $527 million decreased 6% (excluding gain / (loss) on loan hedges), reflecting lower spreads and higher hedging costs. Excluding the impact of foreign exchange translation7, Citigroups end-of-period loans grew 4%, driven by 5% aggregate growth in ICG and GCB, partially offset by the continued wind-down of legacy assets in Corporate / Other. Chief financial officer Mark Mason said that Citi was gaining market share in institutional clients business. Latin America GCB revenues of $1.0 billion declined 19% on a reported basis and 10% in constant dollars, driven by lower average loans and lower interest rates, partially offset by strong deposit growth. Citigroup net income of $4.9 billion in the third quarter 2019 increased 6%, driven by the lower effective tax rate and the higher revenues, partially offset by the higher expenses and the higher cost of credit. "There is accumulating evidence of slowing global growth, and we now expect to experience rolling country-level recessions starting this quarter," Fraser said on an investor call Friday. 1 0 obj Investors: Elizabeth Lynn (212) 559-2718 Adjusted for these items, Citigroups core income for the third quarter was $3.79 billion, a 17% increase over the third quarter of 2001. For a reconciliation of this measure to reported results, see Appendix E. 6 Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. Citigroup's end-of-period loans were $667 billion as of quarter end, down 4% from the prior-year period, as reported and excluding the impact of foreign exchange translation6, driven by declines across GCB and ICG, and the continued wind-down of legacy assets in Corporate / Other. Media: Dial-in numbers for the conference call are as follows: (866) 516-9582 in the U.S. and Canada; (973) 409-9210 outside of the U.S. and Canada. The big miss comes as capital markets continue to deal with sour equity markets and poor investor sentiment, which has virtually closed the IPO market. Welcome to Big Red Bounce inflatables. All Rights Reserved. Citi-Branded Cards revenues of $2.3 billion increased 11%, primarily driven by continued growth in interest-earning balances. MKB0Y=z {Sa=)"uNO{Y}(23*%~cr25FE;71w+vu08a+#5nt]VS;l!G N' A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/citi/investor. Read the full press release with tables and CEO commentary. Got a confidential news tip? For the ongoing impact of CECL, Citigroup is allowed to adjust the allowance for credit losses in an amount equal to 25% of the change in the allowance for credit losses (pre-tax) recognized through earnings for each period between January 1, 2020 and December 31, 2021. The company reported $2.27 earnings per share for the quarter, beating analysts consensus estimates of $2.12 by $0.15. The top line outpaced the Zacks Consensus Estimate of $18.37 billion. Third Quarter 2020 Results and Key Metrics highlights Net Income of $3.2 Billion ($1.40 per Share) Revenues of $17.3 Billion Returned $1.1 Billion of Capital to Press: Mark Costiglio (212) 559-4114 The CTA loss would be recognized in Citigroups earnings upon either the substantial liquidation or a loss of control of the subsidiary. A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/citi/investor. Private Bank revenues of $938 million increased 8% (excluding gain / (loss) on loan hedges), driven by increased capital markets activity, improved managed investments revenues as well as higher lending and deposit volumes, partially offset by lower deposit spreads. Citigroup Inc is a financial services holding company. If youd like to dial into the live earnings review, please call (800) 343-1703 (for U.S. and Canada callers) or (203) 518-9859 (for international callers). By clicking Sign up, you agree to receive marketing emails from Insider ICG net income of $2.9 billion decreased 10%, as the revenue growth was more than offset by higher cost of credit and expenses. Citi Retail Services revenues of $1.4 billion decreased 21%, reflecting lower average loans as well as higher partner payments. New York Citigroup Inc. today reported net income for the third quarter 2022 of $3.5 billion, or $1.63 per diluted share, on revenues of $18.5 billion. At 11 a.m. (ET), results will be reviewed via live webcast and teleconference. However, Citi shares ticked up 0.65% as income climbed greater than analysts anticipated, helped by rising rates of interest, and earnings per share topped Wall Street expectations. Investment Banking revenues of $1.2 billion increased 4%, largely reflecting continued strength in debt underwriting and solid results in advisory, particularly in EMEA. Additionally, the increase in deferred tax assets (DTA) arising from temporary differences upon the January 1, 2020 adoption date has been deducted from risk-weighted assets (RWA) and will phase in to RWA at 25% per year commencing January 1, 2022. A question -and -answer session will follow the formal presentation. Citigroups return on average tangible common equity (RoTCE) is a non-GAAP financial measure. Citigroup ( C) - Get Free Report posted better-than-expected third quarter earnings Friday, but a big slump in investment banking revenues, as well as higher The conference code for both numbers is 9968118. xJ@sRKb/X)nwFDof6eNV%#JD$0(@= She added that the U.S. was in relatively strong shape but still might see a "mild recession" in the second half of 2023. endobj We want to hear from you. Citigroup will issue its fourth quarter results via press release at approximately 8 a.m. (ET) on Friday, January 13, 2023. For a reconciliation of these measures to reported results, see Appendix B. GCB net income of $1.1 billion declined 30% from the prior-year period on a reported basis and 29% in constant dollars, driven by the lower revenues, partially offset by the lower cost of credit and the lower expenses. Webinsurance investment portfolio. Read the full press release with tables and CEO commentary. Revenue:$18.51 billion, versus the average analyst estimate of $18.25 billionAdjusted earnings per share:$1.50, versus the average analyst estimate of $1.42Deposits: $1.3 trillion, down 3% year-over-year. GCB cost of credit of $2.0 billion increased 4% on a reported basis and 5% in constant dollars. It suggests a 27.4% year-over-year decline. Treasury and Trade Solutions revenues of $2.4 billion increased 6% on a reported basis and 7% in constant dollars, reflecting strong client engagement and growth in transaction volumes, partially offset by spread compression. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. View the Financial Supplement (PDF) A Division of NBCUniversal. WebGet the latest financial news from Citi, the worldwide leader in consumer and corporate banking. Excluding the previously mentioned discrete tax items in the quarter, the tax rate would have been approximately 22%. Citigroup's end-of-period deposits were $1.1 trillion as of quarter end, an increase of 8% from the prior-year period. Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. The bank reported $631 million in investment banking revenue for the third quarter, down more than 60% year over year. Citigroup's end-of-period deposits were $1.3 trillion as of quarter end, an increase of 16% from the prior-year period, as reported and in constant dollars6, driven by a 17% increase in GCB and a 16% increase in ICG. New York Citigroup will issue its third quarter results via press release at approximately 8 a.m. (ET) on Friday, October 14, 2022. Citigroup (C 0.78%) Q3 2022 Earnings Call Oct 14, 2022, 11:00 a.m. Access your favorite topics in a personalized feed while you're on the go. This <>/Metadata 5954 0 R/ViewerPreferences 5955 0 R>> Both this earnings release and Citigroup's Third Quarter 2019 Quarterly Financial Data Supplement are available on Citigroup's website at www.citigroup.com. CHARLOTTE, N.C., Sept. 19, 2022 /PRNewswire/ Truist Financial Corporation (NYSE: TFC) will report third-quarter 2022 financial results before the market opens on Tuesday, Oct. 18, 2022.Chairman and Chief Executive Officer Bill Rogers and Chief Financial Officer Mike Maguire will host a conference call to review the companys 5 Citigroups tangible book value per share is a non-GAAP financial measure. Treasury and Trade Solutions revenues of $2.4 billion declined 6% on a reported basis and 4% in constant dollars, as strong client engagement and growth in deposits were more than offset by the impact of lower interest rates and reduced commercial card spend. The potential for a global economic slowdown as central banks around the world battle inflation could hamper CEO Jane Fraser's turnaround efforts at Citigroup. Citi also said it was winding down its operations and exposure to Russia, with plans to end nearly all of its institutional banking services in the country by the end of the first quarter of 2023. Earnings per share of $1.40 decreased 32% from the prior-year period, primarily reflecting the decline in net income. ICG operating expenses increased 4% to $5.4 billion, driven primarily by investments, volume growth and higher compensation costs, partially offset by efficiency savings. as well as other partner offers and accept our, Registration on or use of this site constitutes acceptance of our. We look forward to see you at your next eventthanks for checking us out! Net income: US$3.18b (down 27% from 3Q 2021). Citigroup said Friday that its third-quarter earnings fell 25% as it bulked up its credit loss provisions and investment banking slumped. Bank stocks have been hammered this year over concerns that the U.S. is facing a recession, which would lead to a surge in loan losses. Citigroup reported third-quarter earnings on Friday that beat revenue and profit estimates. These investments will not only further enhance our safety and soundness, they will result in a digital infrastructure that will improve our ability to serve our clients and customers and make us more competitive, Mr. Corbat concluded. However, Citi shares ticked up Revenue: US$17.2b (down 1.0% from 3Q 2021). Please The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. That compares to last year's allowance for credit losses of $17.7 billion. Net income: US$3.18b (down 27% from Asia GCB revenues of $1.6 billion declined 12% on a reported basis and 13% in constant dollars, as lower card purchase sales and lower interest rates were partially offset by strong investment revenues. Investment banking revenue of $631 million fell well short of analyst estimates for $1.07 billion. The fixed premium costs of these hedges are netted against the Private Bank and Corporate Lending revenues to reflect the cost of credit protection. 5 0 obj Citi Retail Services revenues of $1.7 billion increased 1%, driven by organic loan growth. The decline in profit came in part from an increase in loan loss reserves. Citigroup Third Quarter 2022 Results Key Financial Results. In constant dollars, Citigroups end-of-period deposits increased 9%, driven by 11% growth in ICG and 5% growth in GCB. NEW YORK, December 09, 2022--Citigroup will issue its fourth quarter results via press release at approximately 8 a.m. (ET) on Friday, January 13, 2023. The consensus earnings estimate was $1.46 per share on revenue of $18.3 billion. Corporate / Other expenses of $969 million increased significantly, as the wind-down of legacy assets was more than offset by the civil money penalty, investments in infrastructure, risk management and controls and incremental costs associated with COVID-19. Markets and Securities Services revenues of $4.5 billion increased 1%. Net Income of $4.9 Billion ($2.07 per Share), Returned $6.3 Billion of Capital to Common Shareholders. Citigroup shares have slumped 29% this year, leaving it by far the lowest-valued among its U.S. peers. RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). 1 Citigroups total expenses divided by total revenues. These factors include, among others, macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, financial markets and consumer and corporate customers and clients, including economic activity and employment, as well as the various actions taken in response by governments, central banks and others, including Citi, and the precautionary statements included in this release. Citigroups allowance for credit losses on loans was $26.4 billion at quarter end, or 4.00% of total loans, compared to $12.5 billion, or 1.82% of total loans, at the end of the prior-year period. The corresponding adjustments on average on-balance sheet assets are also reflected in Total Leverage Exposure. Equity Markets revenues of $760 million decreased 4%, reflecting lower client activity and lower balances in prime finance, partially offset by strong client activity in derivatives. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. At 11 a.m. (ET), results will be 2 Preliminary. High costs and lower revenues in the investment banking business act as spoilsports. endobj The company's total allowance for credit losses on loans was $16.3 billion in the quarter, with a reserve-to-funded loans ratio of 2.54%. Our Global Consumer Banking franchise performed well in the quarter, showing solid underlying revenue growth of 4% and an EBT increase of 17%. WebThird Quarter Results Snapshot Note: ICG: Institutional Clients Group, AUC: Assets Under Custody. Earnings per share of $2.07 increased 20% from the prior-year period, primarily driven by a 10% reduction in average diluted shares outstanding and the lower effective tax rate. The press release, webcast and presentation materials will be available at www.citigroup.com/citi/investor. RWA: Risk-Weighted Assets. stream Citigroups effective tax rate was 20% in the current quarter compared to 18% in the third quarter 2019, reflecting the impact of the non-deductible civil money penalty this quarter. We thank you for the feedback and sharing your experience regarding your rental or event Big Red Bounce entertained. Corporate / Other loss from continuing operations before taxes of $68 million compared to income of $64 million in the prior-year period reflecting the lower revenue and the higher expenses. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. Excluding this item, Citi said it earned $1.50 per share. Revenue grew 33.3% on a year-over-year basis. Citigroup stated Friday that its third-quarter earnings fell 25% because it bulked up its credit score loss provisions and funding banking slumped.. Volatility in the British bond market, and an emergency action by the Bank of England, have been the most high profile example of market stress so far. Data is a real-time snapshot *Data is delayed at least 15 minutes. This is the place to find bounce house entertainment for any eventif you are planning your Birthday Party, celebrating an end of season event or providing fun entertainment for a customer appreciation day, we are here to help. Welcome to Walmart's Fiscal Year 2023 Third Quarter Earnings Call. "We're more focused on the liquidity in the market at the moment, and the impact on some counterparties, much more than we are on credit risk," Fraser said. endobj Citigroup ( NYSE:C) Third Quarter 2022 Results Key Financial Results Revenue: US$17.1b (down 2.8% from 3Q 2021). JPMorgan and Wells Fargo beat revenue estimates for the third quarter on Friday, while Morgan Stanley missed estimates on the top and bottom lines. These statements are not guarantees of future results or occurrences. Citigroup has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the US banking agencies September 2020 final rule (which is substantively unchanged from the March 2020 interim final rule). 4 0 obj Investors: Elizabeth Lynn (212) 559-2718 The cumulative adjustments to the allowance for credit losses between January 1, 2020 and December 31, 2021 will also phase in to regulatory capital at 25% per year commencing January 1, 2022, along with the deferred impacts related to the January 1, 2020 CECL adoption date. INiM$ Qdq7MM .%/| A-T^NH+H? These results include a net benefit of approximately $0.10 per share in the current quarter related to discrete tax items6. Analysts were expecting revenue of $3.19 billion and $965 million, respectively, according to StreetAccount. Banking revenues of $5.1 billion decreased 4% versus the prior year (including gain / (loss) on loan hedges)7. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. The backbone of our leading global network, Treasury and Trade Solutions, had strong revenue growth of 7% in constant dollars. Securities Services revenues of $631 million decreased 5% on a reported basis and 4% in constant dollars, as higher deposit volumes were more than offset by lower spreads. The results included a $520 million pretax gain on the sale of its Asia consumer business. Contacts: For the components of the calculation, see Appendix A. Citi-Branded Cards revenues of $2.1 billion decreased 12%, reflecting lower purchase sales and higher payment rates driving lower average loans. The prestigious bank has lost 4 TMT bankers in recent weeks. Credit costs have stabilized; deposits continued to increase; and revenues are up 3% year-to-date. View the Financial Supplement (PDF) WebThird Quarter Results Snapshot Note: ICG: Institutional Clients Group, AUC: Assets Under Custody. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. Click here for the complete press release and summary financial information. Not optimized for use with Microsoft Internet Explorer 6 adjustments on average tangible common equity ( TCE ) to down. Variety of factors K? +~ m @ % wKI/ M 1.46 per share is a non-GAAP financial measures will... Markets revenues of $ 4.9 billion ( $ 1.40 decreased 32 % the... However, Citi said Retail Services revenues of $ 4.5 billion decreased 21 %, reflecting lower loans! The inside scoop on what traders are talking about delivered citigroup third quarter earnings to your inbox current quarter to! 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