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“Citigroup reports 25% decline in third-quarter profits but tops revenue expectations”

Citigroup said Friday that its third-quarter earnings fell 25% as it bulked up its credit loss provisions and investment banking slumped.

However, Citi shares gained more than 2% as revenue climbed more than analysts expected, helped by rising interest rates, and earnings per share topped Wall Street expectations.

The bank reported $18.51 billion in revenue versus the $18.25 billion expected by analysts, according to Refinitiv. This was up 6% year over year.

In the quarter ended Sept. 30, net income fell 25% year over year to $3.48 billion, or $1.63 in earnings per share…”

https://www.cnbc.com/2022/10/14/citigroup-c-earnings-q3-2022.html

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