Citi Reports Total Revenue of 20.14Bn for Q3 2023, Up 4% YoY

Citigroup Inc. (Citi or "the Group") unveiled its financial results for the third quarter of 2023 (Q3 2023), reporting a total revenue of $20.14 billion for the period, an increase of 9% compared to $18.51 billion in Q3 2022 and an increase of 4% compared to $19.44 billion in Q2 2023.

More specifically, the revenue of its Institutional Clients Group (ICG) amounted to $10.64 billion, up 2% QoQ (Q2 2023: $10.44 billion) and up 12% YoY (Q3 2022: $9.47 billion), contributing the most in total revenue's growth for the period. Among them, securities services revenue rose by 16% to $1.12 billion on a yearly basis; fixed income markets revenue rose by 14% to $3.56 billion; markets revenue dropped by 3% to $918 million, and investment banking revenue jumped by 34% to $844 million, all compared to the data for Q3 2022.

In addition, revenue of Personal Banking and Wealth Management was $6.78 billion, up 6% QOQ (Q2 2023: $6.40 billion) and up 10% YoY (Q3 2022:$6.19 billion).

However, Legacy Franchises experienced a yearly decrease of 13% in revenue, came in at $2.22 billion for the quarter, partly offset the yearly growth in the total revenue of the Group.

Net income during the period rose by 22% from $2.92 billion in the prior quarter to $3.55 billion, 2% higher than $3.48 billion in the same quarter of last year. Net income of ICG totaled $2.43 billion for the quarter, up 11% QoQ (Q2 2023: $2.19 billion) and up 12% YoY (Q3 2022: $2.16 billion).

The Group recorded its book value per share of $99.28 and tangible book value per share of $86.90 at quarter end increased 7% and 8%, respectively, versus the prior-year period.

During the quarter, Citigroup returned a total of $1.5 billion to common shareholders in the form of dividends and repurchases.

Citi's loans at the end of the quarter were $666 billion, up 3% versus the prior-year period, while the deposits were approximately $1.3 trillion at quarter end, down 3% on a yearly basis.

Jane Fraser, CEO of Citi, commented: "Despite the headwinds, our five core, interconnected businesses each posted revenue growth resulting in overall growth of 9%. Services, our fastest growing business, grew by 13% with Treasury and Trade Solutions having its best quarter in a decade. Markets was up 10% driven by strength in Fixed Income. Banking activity played to our mix and grew 17%, bolstered by a rebound in debt issuance and some signs of life in the equity capital markets. U.S. Personal Banking also had double-digit revenue growth while a continued deceleration in spending indicates an increasingly cautious consumer. And Wealth revenues grew as the business continues to win new mandates and acquire new clients.

"Our CET1 ratio grew to 13.5% which is $14 billion above our current regulatory minimum after returning $1.5 billion to our shareholders through common dividends and share repurchases. Our discipline of growing operating deposits has enabled us to maintain a stable deposit base. Taken with our high-quality asset portfolio, strong reserve levels, ample liquidity and diversified earnings base, we are proving to our clients that we truly are a bank for all seasons."