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Citi posts YOY increase in Q3 net income, decline in operating costs

Citigroup Inc. on Oct. 12 posted a 6.8% year-over-year increase in third-quarter profit.

Net income applicable to common shareholders rose to $3.86 billion, or $1.42 per share, from net income of $3.62 billion, or $1.24 per share, a year ago.

The S&P Capital IQ consensus estimate for normalized EPS in the third quarter of 2017 was $1.30.

Citi's net income included a $355 million after-tax gain on the sale of a fixed-income analytics business, which contributed 13 cents to EPS.

The company's total revenues for the recent quarter were $18.17 billion, up from $17.76 billion in the 2016 third quarter. Citi's Institutional Clients Group and Global Consumer Banking segments posted higher revenues from the previous quarter and from a year ago.

Citi's operating expenses were $10.2 billion during the third quarter, down 2% year over year. The company's allowance for loan losses was $12.4 billion at the end of the quarter, or 1.91% of total loans, compared to $12.4 billion, or 1.97% of total loans, at the end of the 2016 third quarter.

The company recorded a provision for loan losses of $2.15 billion, up from $1.67 billion in the previous quarter and up from $1.75 billion a year earlier.

Net credit losses over recoveries were $1.77 billion, compared to $1.71 billion in the linked quarter and $1.53 billion in the prior-year quarter.