On Thursday, Citigroup Inc (NYSE: C) announced its financial results for the third quarter of 2017. Both earnings and revenue beat previous estimates.
According to the company, revenue increased 2% from $17.8 billion for the same period last year to $18.2 billion for the third quarter. The results beat expectations of $17.9 billion. The company said that the rise in revenue was driven by growth in Institutional Clients Group (ICG) and Global Consumer Banking (GCB), which increased 9% and 3%, separately, while partially offset by lower revenues in Corporate / Other, which dropped 55%.
Net income for the third quarter increased from $3.8 billion, or $1.24 per share, for the same period last year, to $4.1 billion, or $1.42 per share, which also surpassing estimates of $1.32 per share.
“We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth. We had revenue increases in many of the products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses,” Michael Corbat, the CEO of Citi, said in the statement on Thursday.
“As part of our $19 billion capital plan, we returned $6.4 billion of capital to our shareholders this quarter, enabling us to begin to reduce the amount of capital we hold. We continue to be focused on increasing both the return on capital and the return of capital for the benefit of our shareholders,” he said.