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New York Inc. reported third-quarter 2021 net income of $4.6 billion, or $2.15 per diluted share, on revenue of $17.2 billion. That compares to net income of $3.1 billion, or $1.36 per diluted share, on revenue of $17.3 billion in the third quarter of 2020.
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Revenues fell by 1% compared to the same period last year. This includes a pre-tax loss of approximately $680 million related to the sale of the Australian consumer business to Global Consumer Banking (GCB), excluding the loss on disposal.
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Net income of $4.6 billion, up 48% from the same period last year. This was supported by lower credit costs. This was partially offset by lower revenues and higher expenses.
Earnings per share of $2.15, up 58% from the same period last year. which represents an increase in net income. and a 3% reduction in the number of shares outstanding.
Citi chief executive Jane Fraser said: “The recovery from the pandemic continues to boost business and consumer confidence. and actively cooperates with customers. As evidenced by our strong performance in investment banking and equity markets. This represents an increase of approximately 40% year-over-year, and double-digit fee growth in Treasury and Trade Solutions as we help our customers transform their supply chains. And while a strong consumer balance sheet has hurt lending. We are seeing an increase in consumer spending on our card products. We continue to demonstrate momentum in AUM deposits and wealth management. This includes increased engagement across our digital channels. Overall, our revenue was 3% higher than last year, excluding the impact of the sale of our consumer business in Australia.
“We’re moving forward with urgency on our top priorities. To close the compensation gap between our friends with responsibility: Change Refreshing our strategy and building a culture of excellence. So far this year, we’ve returned nearly $11 billion to shareholders through strong dividends and share buybacks. We’re still we are committed to repaying the excess capital required to invest in our franchises and to maintain our security
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“Overall, I am very pleased with the $4.6 billion in net income from the environment in which we operate. While we have work ahead of us, we are reaping the benefits of our investments and seeing both the strength and resilience of our franchise. Mrs Fraser concluded.
Percentage comparisons in this press release are calculated for Q3 2021 and Q3 2020, unless otherwise noted.
Revenue of $17.2 billion in the third quarter of 2021, down 1%, excluding the loss of Australian sales. Revenue rose 3%, reflecting strong investment banking growth. equity markets and securities services in ICG, and corporate/other growth, partially offset by lower revenues in North America GCB and Asia GCB.
Operating expenses for the third quarter of 2021 were $11.5 billion, an increase of 5 percent, reflecting continued investment in Citi’s transformational, business-led investments. and income-related expenditure partially offset by effective savings.
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Borrowing costs ($0.2) billion in the third quarter of 2021, compared to $2.4 billion in the prior year. This reflected an improvement in the provision for credit losses (ACL) and net credit losses. This was facilitated by constant improvements in the quality of portfolio loans
Net income for the third quarter of 2021 was $4.6 billion, up 48% year-over-year. This was supported by lower credit costs. This was partially offset by higher expenses and lower income. The actual tax rate for the current quarter is 20%. which was largely unchanged from the third quarter of 2020.
Allowances for loan losses were $17.7 billion, or 2.69% of total loans, at the end of the quarter, compared to $26.4 billion, or 4.00% of total loans, at the end of the previous year. Total non-accrued assets fell 25% year-over-year to $4.0 billion. Consumer non-financial loans fell 6 percent to $1.6 billion, while corporate non-financial loans of $2.4 billion were down 33 percent from a year earlier.
Period-end loans were $665 billion at the end of the quarter, largely unchanged from a year earlier, according to the report. The effects of foreign currency translations are not included.
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End-of-period deposits were $1.3 trillion at the end of the quarter, up 7% and up 6% in constant dollars. This was driven by an 8% increase in GCB and a 6% increase in ICG.
Book value per share of $92.16 and book value per share of $79.07 increased 9% and 10%, respectively, driven primarily by quarter-end net income. The CET1 capital ratio was 11.7% lower than in the previous quarter. In the third quarter of 2021, SLR was 5.8%, unchanged from the previous quarter. During the quarter, 43 million shares of common stock were repurchased and $4.0 billion of common stock was returned to common stockholders in the form of share repurchases and dividends.
ICG’s revenue of $10.8 billion rose 4 percent, driven primarily by higher income in investment banking. stock market and securities services This was partially offset by declines in the bond and treasury markets and trading solutions.
Bank revenue of $5.8 billion, up 12% year-over-year (including gains/(losses) on credit hedging).
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Treasury and Trade Solutions revenue was $2.3 billion, down 4% and down 5% in constant dollars. for higher fee income Commercial card revenue recovery And the increase in trade is more than offset by the impact of lower deposit spreads. Investment banking revenue of $1.9 billion rose 39 percent, reflecting strong product growth. Bond underwriting revenue rose 19% to $877 million, equity underwriting revenue rose 5% to $507 million, and advisory revenue surged to $539 million Private banking revenue of $973. million, up 4 % more (excluding profit/(loss) from credit hedging). ), driven by higher fees and loan volume. It reflects the momentum of new and existing customers. partially offset by lower deposit margin Corporate loan revenue of $631 million, an increase of 17% (excluding gains/(losses) on credit hedges), primarily driven by lower cost of capital and lower sales income. which was partially offset by reduced volume.
$5.0 billion in market and securities services revenue, down 4 percent; bond market revenue of $3.2 billion, down 16 percent, reflecting a continued recovery in market activity between rates and product spreads. Equity market revenue was $1.2 billion, up 40%, driven by derivatives. Core Financials and Cash Stocks This reflects strong customer activity and favorable market conditions. Securities services revenue was $692 million, an increase of 10% and 9% in constant dollars. This was driven by strong fee revenue growth for both new and existing customers. This was driven by an increase in assets in custody and liquidation volumes. partially offset by lower deposit spreads
ICG’s operating expenses of $6.4 billion increased 9 percent, reflecting continued investment in Citi’s transformational, business-driven investments. and income-related expenditure partially offset by effective savings.
ICG’s credit costs include net credit losses of $40 million, compared to $326 million in the prior-year period, and net ACL issuances of $78 million, compared to $529 million in the prior-year period, net ACL information. The current quarter mainly reflected improvements in the credit quality of the portfolio.
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ICG’s net income of $3.4 billion rose 21% as lower borrowing costs and higher revenue more than offset higher expenses.
GCB’s revenue was $6.3 billion, down 13% and down 14% in constant dollars. On that basis, and excluding the loss on sales in Australia, revenue was down 5% as continued strong deposit growth and investment management momentum were more than offset by lower card balances and deposit spreads.
GCB North America had revenue of $4.3 billion, down 4 percent. Other branded card revenue was $2.0 billion, down 1%, reflecting still higher payment rates. Other retail services revenue remained at $1.3 billion, down 6%, reflecting lower average borrowing and still higher payment rates. Retail banking revenue of $1.0 billion declined 7% as the benefit of strong deposit growth more than offset lower deposit spreads. including lower mortgage income
Latin America GCB revenues of $1.0 billion increased 1% in constant dollars.Revenues decreased 7% due to lower loan volumes and deposit spreads. This was partially offset by an increase in assets under management.
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GCB’s Asia revenue of $0.9 billion was down 45% as reported and 46% in constant dollars. Revenues fell 4%, reflecting lower loan-to-deposit spreads. This was partially offset by higher investment income.
GCB’s operating expenses were $4.6 billion, an increase of 7% and 5% in constant dollars. This reflects Citi’s ongoing investment in transformation, as well as company-led investment and volume-related costs. partially offset by effective savings.
GCB’s cost of credit was $65 million, compared to $1.7 billion in the prior-year period. This was driven by net ACL issuance of $1.0 billion. That compares to just a handful being built during the same period last year. This reflects both an improvement in the quality of portfolio loans and the Macroeconomic outlook includes lower net loan losses.
GCB’s net income of $1.3 billion increased significantly. That’s because lower credit costs more than offset the cuts.
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