Citigroup GAAP EPS of $2.85 beats by $0.20, revenue of $23.8B beats by $80M

• Citigroup press release (C): Q3 GAAP EPS of $2.85 beats by $0.20.
• Revenue of $23.8B (+7.7% Y/Y) beats by $80M.
• Revenues increased 8% from the prior-year period, driven by growth in Services,Wealth, Markets and Banking, partially offset by a decline in All Other.
• Citigroup provision for credit losses was $2.6 billion, reflecting $2.2 billion of net credit losses and a net reservebuild of $369 million, driven by changes in the macroeconomic outlook and portfolio growth. Net credit losseswere unchanged from the prior-year period. The provision in the prior-year period was $2.5 billion, reflecting $2.2billion of net credit losses and a net reserve build of $236 million, driven by portfolio growth and transfer risk,partially offset by changes in the macroeconomic outlook.
• Citigroup’s book value per share of $115.61 at quarter end increased 7% versus the prior-year period, and tangiblebook value per share of $101.59 at quarter end increased 6% versus the prior-year period. During the quarter,Citigroup returned $4.1 billion to common shareholders in the form of share repurchases and dividends.
• Citigroup’s preliminary CET1 Capital ratio was 12.8% at quarter end, unchanged from the end of the priorquarter, driven by net income and lower deduction from DTA and other, offset by common share repurchases, thepayment of common and preferred dividends and unrealized losses on AFS securities.
• Shares -0.40% PM.

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