American banking giant Citigroup has reported net income of $4.3bn for the third quarter 2015, an increase of 51% compared to $2.84bn a year ago.
Total revenues for the quarter were $18.7bn, down 5% compared to $19.7bn in the third quarter of 2014.
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The group’s operating expenses were $10.9bn in the third quarter 2015, down 18% versus the prior year period. Operating expenses in the quarter included legal and related expenses of $376m and $81m of repositioning charges.
The group’s Private Bank revenues grew 8% to $715m from $664m in the prior year period, driven by strong growth in managed investments revenue, as well as higher loan and deposit balances.
Citigroup CEO Michael Corbat said: "Citi Holdings was profitable again this quarter and its assets declined 20% year-over-year to $110 billion. Consistent utilization of our deferred tax assets helped us generate $14 billion of regulatory capital. So far this year we have returned over $4 billion of that capital to our shareholders in the form of share buybacks and common stock dividends.
"Our tangible book value surpassed $60 per share and our Common Equity Tier One Capital ratio increased to 11.6% on a fully-implemented basis. Challenging environments have become the norm, but the work we have done to make our firm simpler, smaller, safer and stronger has given us a resilient and sturdy platform from which to operate," Corbat added.
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