Citigroup Q3 Results Top Estimates - Update

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(RTTNews) - Citigroup, Inc. (C) reported Tuesday a net income to common shareholders of $3.75 billion or $1.86 per share for the third quarter, up from $3.24 billion or $1.51 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.24 per share, compared to $1.51 per share in the same quarter last year.

On average, 17 analysts polled expected the company to report earnings of $1.72 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $2.45 billion, reflecting $2.2 billion of net credit losses and a net allowance for credit losses (ACL) build of $236 million, down 8 percent from $2.68 billion last year.

Total revenues, net of interest expense, for the quarter increased 9 percent to $22.09 billion from $20.21 billion in the prior-year quarter, driven by growth in each of Citi's five interconnected businesses and Legacy Franchises. Wall Street expected revenues of $21.18 billion for the quarter.

Excluding divestiture-related impacts in both periods, revenues were up 9 percent.

Net interest income increased 14 percent to $3.12 billion, while non-interest income decreased 15 percent to $761 million from last year.

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