Banking behemoth Citigroup Inc. (NYSE: C) on Friday said its third-quarter 2022 profit declined despite an increase in revenues. However, the numbers topped the market’s projections.
Third-quarter net profit declined to $3.5 billion or $1.63 per share from $4.6 billion or $2.15 per share last year but came in above the consensus forecast.
Meanwhile, total revenues moved up 6% annually to $18.5 billion and topped expectations, reflecting active customer engagement amid increased consumer and corporate confidence. Book value per share was $92.71.
Check this space to read management/analysts’ comments on Citigroup’s Q3 2022 earnings
Shares of Citigroup declined early Friday immediately after the announcement. The stock has dropped about 41% in the past twelve months.