Citigroup has reported $468m net income for the third quarter of 2012, or $0.15 per diluted share, down by 88%, from $3.8bn, or $1.23 per diluted share during the corresponding period, last fiscal.
Revenues for the quarter period ended on 30 September 2012 were $14bn, with a decrease of 32.69%, from 20.8bn, during the same period earlier year.
The current quarter results also included a pre-tax loss of $4.7bn ($2.9bn after-tax) from the previously announced sale of a 14% interest and other-than-temporary impairment of the carrying value of Citi’s remaining 35% interest in the Morgan Stanley Smith Barney (MSSB) joint venture.
Citi chief executive officer Vikram Pandit said that the bank’s core businesses showed optimal growth during the quarter as it increased lending and generated higher operating revenues.
"We generated additional capital during the quarter, and our Tier 1 Common Ratio was estimated at 8.6% on a Basel III basis at the end of the period," Pandit added.
The group’s revenues of $19.4bn, excluding CVA/DVA and the loss on MSSB, were 3% higher than the prior year period, driven by 5% growth in Citicorp revenues, offset by a 10% decline in Citi Holdings revenues.
Citicorp revenues were $17.6bn, with a marginal decline of $100m compared to $17.7bn during the same period, a year ago, while Citi Holdings revenues stood at $3.7bn, up by 32%, from $2.8bn.
The US bank manages nearly 200 million customer accounts and trades in over 160 countries and jurisdictions and offers consumers, corporations, governments and institutions with a consumer, corporate and investment banking, securities brokerage, and wealth management.