In the quarter ending on September 30, the investment bank’s profits amounted to $3.5 billion, according to a report by the bank, compared to a profit of $4.6 billion in the third quarter of 2021.
Despite the decline in profits, the bank announced, on Friday, that revenues increased by more than expectations and by 6 percent on an annual basis, to reach $ 18.5 billion, compared to expectations of $ 18.25 billion, according to Refinitiv data.
The bank’s revenues amounted to $17.4 billion in the third quarter of 2021.
By 11:48 GMT, Citigroup’s stock rose 1.58 percent to $43.62, despite falling profits.
The bank attributed the decline in profits mainly to the increase in the cost of credit resulting from the growth of loans, and the increase in operating expenses.
Jane Fraser, CEO of Citigroup, said that the bank is focusing heavily on customer support and implementing its defined strategy, confirming good progress in several core business drivers despite the complex macroeconomic environment.
Fraser added that the bank is working to continue reducing its business in Russia, stressing that most banking operations in Russia will end during the next quarter, and that the bank “intends to completely terminate its business in the country.”
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