Citigroup Q3 Profit Jumps 16% as All Divisions Post Record Revenue
Citigroup Inc. delivered a robust third-quarter performance, with net income climbing 16% to $3.8 billion despite absorbing a $726 million loss from its Banamex divestiture. Adjusted earnings of $2.24 per share comfortably surpassed analyst expectations of $1.90, fueled by a 9% revenue surge to $22.1 billion.
All five Core divisions—Markets, Banking, Services, Wealth, and US Retail—achieved record quarterly revenues. The investment banking unit saw revenues leap 34%, while markets revenue grew 15% to $5.6 billion. CEO Jane Fraser emphasized strategic advancements in AI automation and the BlackRock partnership, projecting full-year revenue exceeding $84 billion.
The market responded favorably, driving Citigroup shares up 2.16% to $101.97 in early trading. This performance demonstrates the bank's ability to generate growth across diversified business lines while executing strategic transformations.
