What was Citigroup's net income for Q3 2019?

Citigroup reported a net income of $4.9 billion for the third quarter of 2019.

How did the Global Consumer Banking (GCB) segment perform?

GCB showed solid underlying revenue growth in every region, excluding foreign currency translation impacts. Excluding a prior-year gain on sale in Latin America, GCB revenues increased by 4% year-over-year. Net income for GCB increased by 1% to $1.6 billion.

How did the Institutional Clients Group (ICG) perform?

ICG delivered balanced performance with a 3% increase in revenues to $9.5 billion. Banking revenues were up 5%, driven by treasury and trade solutions, investment banking, and the private bank, while Markets and securities services revenues increased by 1%.

What was the Common Equity Tier 1 (CET1) capital ratio?

Citigroup's CET1 capital ratio was 11.6% as of September 30, 2019, remaining strong and in line with regulatory requirements.

C/C-PN 10-Q Quarterly Report Q3 FY2019 — Revenue, Net Income, EPS

Q: What drove the increase in Earnings Per Share (EPS)?

The 20% increase in EPS to $2.07 was primarily driven by a 10% reduction in average outstanding common shares due to share repurchases and a lower effective tax rate.

Summary

Citigroup Inc. reported a solid third quarter of 2019, demonstrating continued progress toward improving profitability and returns despite macroeconomic headwinds. Net income increased by 6% year-over-year to $4.9 billion, or $2.07 per share, a 20% increase driven by a lower effective tax rate and share repurchases. Revenues rose 1% to $18.6 billion, with growth in both the Global Consumer Banking (GCB) and Institutional Clients Group (ICG) segments. GCB saw broad-based revenue growth across all regions, excluding foreign currency translation impacts. ICG delivered balanced performance with strong results in treasury and trade solutions, investment banking, and the private bank, though equity markets revenue was negatively impacted by challenging conditions. The company maintained expense and credit discipline, with loans and deposits growing across GCB and ICG. Capital remained strong, with a Common Equity Tier 1 (CET1) ratio of 11.6%, while returning $6.3 billion to shareholders through dividends and repurchases, leading to a 10% reduction in average outstanding common shares year-over-year.

Financial Highlights

40 data points

Beta

Revenue

$18.57B

0.9% Gross Margin

Net Income

$4.91B

0.3% Net Margin

EPS (Diluted)

$2.07

Total Assets

$2.01T

Cash & Equivalents

$220.44B

Free Cash Flow

$1.39B

Financial Statements

Beta

Revenue	$18.57B
Cost of Revenue	$2.09B
Gross Profit	$16.49B
Operating Income	$14.42B
Interest Expense	$7.54B
Net Income	$4.91B
EPS (Basic)	$2.09
EPS (Diluted)	$2.07
Shares Outstanding (Basic)	2.22B
Shares Outstanding (Diluted)	2.24B

Key Highlights

1Net income increased 6% year-over-year to $4.9 billion.
2Diluted Earnings Per Share (EPS) rose 20% to $2.07, boosted by a lower tax rate and share repurchases.
3Total revenues grew 1% year-over-year to $18.6 billion.
4Global Consumer Banking (GCB) revenues were flat year-over-year but up 1% excluding FX, with growth across all regions.
5Institutional Clients Group (ICG) revenues increased 3% year-over-year, driven by strong performance in Banking.
6Common Equity Tier 1 (CET1) capital ratio remained strong at 11.6%.
7Citigroup returned $6.3 billion in capital to shareholders via dividends and share repurchases, reducing average shares outstanding by 10%.

CITIGROUP INC Quarterly Report for Q3 Ended Sep 30, 2019

Summary

Financial Highlights

Key Highlights

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