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Citigroup profits exceed expectations in the third quarter

Date


(MENAFN- Al-Bayan)

The US financial group, Citigroup, said Friday that it posted net profit in the third quarter of $3.5 billion, down 25% from the same period in 2021, despite increasing revenue by about 6% year-on-year.

But the bank noted that revenue of $18.5 billion for the third quarter was impacted by profits and losses from selling activities in the Philippines and Australia. When accounting for these operations, revenue actually declined by 1% year-over-year.

The company also cited higher credit costs and operating expenses when explaining the reason for the decline in net profit. Executive Director Jane Fraser referred to a “complex macro environment”.

She also noted ongoing efforts to reduce the group’s presence in Russia.

Experts had expected even net income to decline. Therefore, the company’s shares rose during Friday’s trading.

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