Financial Data and Key Metrics Changes - The company reported net income of $3.8 billion and earnings per share (EPS) of $1.86, with a return on tangible common equity (ROTC) of 8% [4][16] - Adjusted EPS, excluding goodwill impairment from the Banamex transaction, was $2.24, with an adjusted ROTC of 9.7% [4][16] - Revenues increased by 9% year-over-year, reaching $22.1 billion, with positive operating leverage across all five business lines [4][16] Business Line Data and Key Metrics Changes - Services revenue grew by 7%, driven by cross-border transactions and U.S. dollar clearing [5][24] - Markets revenue increased by 15%, with fixed income up 12% and equities up 24% [26] - Banking revenues surged by 34%, with investment banking fees up 17% across all products [27] - Wealth management revenue rose by 8%, supported by Citi Gold and the Private Bank [29] - US Personal Banking (USPB) revenue reached $5.3 billion, marking 12 consecutive quarters of positive operating leverage [8][31] Market Data and Key Metrics Changes - Assets under custody and administration increased by 13%, reflecting strong client engagement [24] - Cross-border transactions were up 10%, and U.S. dollar clearing volume increased by 5% [24] - Average loans in markets increased by 24%, driven by financing activity [26] Company Strategy and Development Direction - The company is focused on simplifying operations and investing in technology to enhance agility and modernize banking services [10] - A new partnership with BlackRock was announced to manage $80 billion of client assets, aligning with an open architecture strategy [7] - The company aims to achieve an ROTC target of 10% to 11% next year, with continued investments in transformation and technology [40] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is resilient, with the U.S. economy driven by consumer spending and tech investments [12][14] - The company is cautious about pockets of valuation frothiness in the market and is focused on maintaining discipline [12] - Management expressed confidence in exceeding $84 billion in revenues for the year, with expectations for continued growth in net interest income [39][38] Other Important Information - The company returned over $6 billion in capital to shareholders during the third quarter, including $5 billion in share repurchases [9][22] - The agreement to purchase a 25% equity stake in Banamex is a significant step towards divestiture and de-consolidation [9][33] Q&A Session Summary Question: Update on actions related to the consent order regarding risk compliance and controls - Management reported that over two-thirds of transformation programs are at or near target state, with significant progress in risk and compliance areas [42][43] Question: Transformation expense for 2025 - The transformation expense is expected to be slightly under $3.5 billion in 2025, with efficiencies anticipated to reduce this in 2026 [46] Question: Thoughts on the Banamex transaction and timing - The 25% stake acquisition is a significant step towards de-consolidation, with regulatory approval expected to take 9 to 12 months [54][55] Question: Stablecoin adoption and its importance - Management sees tokenized deposits as a key area of investment, with increasing demand for real-time money movement solutions [60][61] Question: Efficiency path for next year - The company aims for an efficiency ratio below 60% in 2026, with a focus on maintaining top-line momentum and managing expenses [70][72]

Citigroup CEO Jane Fraser said the company's use of artificial intelligence has saved time and allowed it to free up 100,000 hours of weekly capacity for software developers. ...

Financial Data and Key Metrics Changes - The company reported a net income of $3.8 billion and earnings per share (EPS) of $1.86, with a return on tangible capital (ROTC) of 8%. Adjusted EPS, excluding goodwill impairment, was $2.24, with an adjusted ROTC of 9.7% [3][14] - Revenues increased by 9% year-over-year, driven by growth across all business lines [3][14] - Total expenses were $14.3 billion, up 9%, largely due to goodwill impairment, while adjusted expenses were $13.6 billion, up 3% [15][16] Business Line Data and Key Metrics Changes - Services revenue grew by 7%, with assets under custody increasing by 13% and cross-border transactions up by 10% [4][22] - Markets revenue increased by 15%, with fixed income up 12% and equities up 24% [24] - Banking revenues surged by 34%, driven by a 17% increase in investment banking fees and a 39% rise in corporate lending revenues [25] - Wealth management revenue rose by 8%, with record net new investment assets of $18.6 billion [26] - US Personal Banking (USPB) revenue increased by 7%, with branded cards revenue up 8% and retail banking revenue up 30% [29] Market Data and Key Metrics Changes - The U.S. economy remains resilient, with consistent consumer spending and tech investments driving growth, while China experiences a slowdown in domestic spending [10][11] - The company noted pockets of valuation frothiness in the market, emphasizing the need for discipline [10] Company Strategy and Development Direction - The company is focused on simplifying operations and investing in technology to enhance agility and modernize banking services [8] - A significant partnership with BlackRock was announced to manage $80 billion of client assets, aligning with an open architecture strategy [4] - The company is committed to embedding AI into operations, with nearly 180,000 employees using proprietary AI tools [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to exceed $84 billion in revenues for the year, with expectations for net interest income (NII) to rise by around 5.5% [36] - The company anticipates continued growth in NII and plans to maintain a disciplined approach to expenses while targeting an ROTC of 10% to 11% next year [60][62] Other Important Information - The company returned over $6 billion in capital to shareholders during the third quarter, with $5 billion in share repurchases [7] - The CET1 capital ratio was reported at 13.2%, exceeding regulatory requirements [19] Q&A Session Summary Question: Update on actions related to the consent order regarding risk compliance and controls - Management reported significant progress, with over two-thirds of programs at or near target state, and emphasized improvements in automation and preventive controls [40][41] Question: Thoughts on the Banamex transaction and IPO timing - Management highlighted the 25% stake purchase as a significant step towards de-consolidation, with regulatory approval expected to take 9 to 12 months [46][49] Question: Pace of stablecoin adoption and its importance - Management noted that tokenized deposits are preferred for client needs, with ongoing investments in digital assets and stablecoin solutions [53][55] Question: Efficiency path for next year and potential for lower expenses - Management indicated a path for lower expenses in 2026, driven by reduced transformation spend and stranded costs, while maintaining strong revenue growth [60][62]

Core Insights - Citi's Treasury and Trade Solutions (TTS) segment is pivotal in integrating blockchain, tokenization, and programmable money for real-time cross-border liquidity and payments [1][5] - CEO Jane Fraser emphasizes that AI, digital assets, and technology investments are transforming Citi into a more competitive institution [1][3] - The bank reported a 9% year-over-year revenue increase to $22.1 billion, marking its best third-quarter performance in a decade [3][4] Financial Performance - Each of Citi's five core businesses achieved record quarterly revenues, with Services up 7%, Markets up 15%, Banking up 34%, and Wealth strategy yielding record net new investment assets of $18.6 billion [3][4] - U.S. Personal Banking (USPB) also saw a record quarter with revenues increasing by 7% [4] Digital Transformation - TTS has become a focal point for Citi's digital asset strategy, integrating blockchain and programmable money into institutional treasury operations [5][6] - The launch of Citi Token Services facilitates instantaneous cross-border payments and liquidity transfers, replacing traditional correspondent banking steps [6][7] Operational Metrics - Cross-border transaction value rose by 10%, U.S.-dollar clearing volume increased by 5%, and assets under custody reached $30 trillion, up 13% year-on-year [8] - Deposit balances within Services grew by 8% to $893 billion, reinforcing Citi's position as a leading liquidity manager for multinationals [8] Expansion of Services - Citi Token Services has expanded beyond pilot mode, introducing new use cases in cash concentration and automated trade settlement for institutional clients across the U.S. and Europe [9] - The bank is extending tokenization into its Securities Services business, adapting infrastructure for tokenized bonds, funds, and trade receivables [10] Competitive Advantage - The focus on institutional, balance-sheet-backed tokenization sets Citi apart from peers pursuing retail cryptocurrency initiatives [11] - Digitalization enhances Citi's competitive moat, as integrated treasury operations deepen client relationships and drive recurring fee revenue [12]

Financial Performance - Citigroup's Q3 2025 revenues reached $22.1 billion, a 9% increase year-over-year[5] - Net income for Q3 2025 was $3.8 billion, up 16% year-over-year, or $4.5 billion excluding notable items, a 38% increase year-over-year[5] - Earnings per share (EPS) for Q3 2025 were $1.86, a 23% increase year-over-year, or $2.24 excluding notable items, a 48% increase year-over-year[5] - The company returned approximately $6.1 billion to common shareholders through share repurchases and dividends in Q3 2025, including $5.0 billion in share repurchases[5] Business Segment Performance - Services revenues increased by 7% year-over-year to $5.4 billion in Q3 2025[7] - Markets revenues increased by 15% year-over-year to $5.6 billion in Q3 2025[7] - Banking revenues increased by 34% year-over-year to $2.1 billion in Q3 2025[7] - U.S Personal Banking revenues increased by 7% year-over-year to $5.3 billion in Q3 2025[7] Capital and Credit Quality - Citigroup's CET1 Capital Ratio was 13.2%, approximately 110 bps above the regulatory requirement[5] - U.S Credit Cards Loans reached $168 billion in Q3 2025[19]

Market Overview - After an initial sharp decline, major stock indices have recovered some losses but remain in negative territory, with the Nasdaq down 201.76 points (0.9%) at 22,492.84, the S&P 500 down 31.32 points (0.5%) at 6,623.40, and the Dow down 65.95 points (0.1%) at 46,001.63 [1] Trade Tensions - Renewed concerns about trade tensions between the U.S. and China have contributed to the market pullback, following President Trump's conciliatory remarks that had previously boosted the market [2] - A spokesperson from China's Ministry of Commerce indicated that China's export controls on rare earths are a response to U.S. restrictions on Chinese firms, emphasizing that the U.S. has overstated national security and adopted discriminatory practices [3] Company Earnings - Wells Fargo shares surged by 6.1% after reporting better-than-expected third-quarter results and raising its profitability target [5] - Citigroup also saw an increase in its stock price following third-quarter results that exceeded estimates, while Johnson & Johnson and JPMorgan Chase experienced declines despite reporting better-than-expected results [5] Sector Performance - The NYSE Arca Computer Hardware Index is down by 1.5%, and the Philadelphia Semiconductor Index has lost 1.3%, indicating notable weakness in the computer hardware and semiconductor sectors [6] - Software and oil service stocks are also experiencing weakness, while airline stocks have shown strong gains [6] International Markets - In the Asia-Pacific region, stocks mostly declined, with Japan's Nikkei 225 Index down 2.6% and Hong Kong's Hang Seng Index down 1.7% [7] - Most European stocks also moved lower, with the German DAX Index down 0.7% and the French CAC 40 Index down 0.2%, although the U.K.'s FTSE 100 Index remained slightly above the unchanged line [7] Bond Market - Treasuries have pulled back near the unchanged line after initial strength, with the yield on the benchmark ten-year note down to 4.044% after hitting a low of 4.015% [8]

Citigroup posted stronger-than-expected third-quarter results on Tuesday, with all its business divisions generating record revenue. The results highlight the US banking giant's growing strength acros... ...

[Citigroup Financial Summary](index=2&type=section&id=Citigroup%20Financial%20Summary) This section provides a high-level overview of Citigroup's 3Q25 financial performance, showing year-over-year growth in revenues and net income despite a slight decrease in capital ratios | Metric | 3Q25 (Millions of dollars, except per share) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :-------------------------------- | :--------------------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $22,090 | $21,668 | $20,209 | 2% | 9% | | Citigroup's net income | $3,752 | $4,019 | $3,238 | (7%) | 16% | | Diluted earnings per share | $1.86 | $1.96 | $1.51 | (5%) | 23% | | Common Equity Tier 1 (CET1) Capital ratio | 13.2% | 13.48% | 13.71% | (28) bps | (51) bps | | Return on average common equity (RoCE) | 7.1% | 7.7% | 6.2% | (60) bps | 90 bps | | Total assets (Billions of dollars) | $2,642.5 | $2,622.8 | $2,430.7 | 1% | 9% | | Total loans (Billions of dollars) | $733.9 | $725.3 | $688.9 | 1% | 7% | | Total deposits (Billions of dollars) | $1,383.9 | $1,357.7 | $1,310.0 | 2% | 6% | [Consolidated Statement of Income](index=3&type=section&id=Consolidated%20Statement%20of%20Income) This statement details Citigroup's 3Q25 revenue streams, credit provisions, and operating expenses, showing increased total revenues and significant year-over-year net income improvement | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Interest income (including dividends) | $36,690 | $35,859 | $36,456 | 2% | 1% | | Interest expense | $21,750 | $20,684 | $23,094 | 5% | (6%) | | Net interest income (NII) | $14,940 | $15,175 | $13,362 | (2%) | 12% | | Total non-interest revenues (NIR) | $7,150 | $6,493 | $6,847 | 10% | 4% | | Total revenues, net of interest expense | $22,090 | $21,668 | $20,209 | 2% | 9% | | Provisions for credit losses and for benefits and claims | $2,450 | $2,872 | $2,675 | (15%) | (8%) | | Total operating expenses | $14,290 | $13,577 | $13,144 | 5% | 9% | | Income (loss) from continuing operations before income taxes | $5,350 | $5,219 | $4,390 | 3% | 22% | | Income (loss) from continuing operations | $3,791 | $4,033 | $3,274 | (6%) | 16% | | Citigroup's net income (loss) | $3,752 | $4,019 | $3,238 | (7%) | 16% | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) This section presents Citigroup's 3Q25 financial position, detailing assets, liabilities, and equity, with overall growth in total assets, loans, and deposits | Metric | September 30, 2025 (Millions of dollars) | June 30, 2025 | September 30, 2024 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--------------------------------------- | :------------ | :----------------- | :------------ | :------------ | | Total assets | $2,642,475 | $2,622,772 | $2,430,663 | 1% | 9% | | Deposits with banks, net of allowance | $324,515 | $312,482 | $277,828 | 4% | 17% | | Trading account assets | $562,254 | $568,558 | $458,072 | (1%) | 23% | | Total investments | $450,732 | $449,400 | $490,671 | - | (8%) | | Total loans, net | $714,699 | $706,222 | $670,566 | 1% | 7% | | Total liabilities | $2,428,598 | $2,408,642 | $2,220,761 | 1% | 9% | | Total deposits | $1,383,929 | $1,357,733 | $1,309,999 | 2% | 6% | | Long-term debt | $315,846 | $317,761 | $299,081 | (1%) | 6% | | Total Citigroup stockholders' equity | $213,023 | $213,222 | $209,083 | - | 2% | | Book value per share | $108.41 | $106.94 | $101.91 | 1% | 6% | | Tangible book value per share | $95.72 | $94.16 | $89.67 | 2% | 7% | [Operating Segments, Reporting Units, and Components](index=5&type=section&id=Operating%20Segments%2C%20Reporting%20Units%2C%20and%20Components%E2%80%94Net%20Revenues%20and%20Income) This section details Citigroup's 3Q25 financial performance across its core operating segments, highlighting segment-specific revenues and income from continuing operations [Services](index=6&type=section&id=Services) The Services segment showed strong 3Q25 revenue and income growth, driven by increased net interest income and fee revenue, with improved efficiency and RoTCE | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,363 | $5,062 | $5,015 | 6% | 7% | | Income from continuing operations | $1,819 | $1,448 | $1,683 | 26% | 8% | | Efficiency ratio | 50% | 53% | 51% | (300) bps | (100) bps | | Return on average tangible common equity (RoTCE) | 28.9% | 23.3% | 26.4% | 560 bps | 250 bps | | Treasury and Trade Solutions (TTS) revenue | $3,882 | $3,674 | $3,627 | 6% | 7% | | Securities Services revenue | $1,481 | $1,388 | $1,388 | 7% | 7% | | Average deposits (Billions of dollars) | $893 | $857 | $825 | 4% | 8% | [Markets](index=7&type=section&id=Markets) The Markets segment saw a slight 3Q25 quarter-over-quarter revenue and income decline, primarily from net interest income and fixed income, but strong year-over-year growth | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,563 | $5,879 | $4,817 | (5%) | 15% | | Income (loss) from continuing operations | $1,583 | $1,749 | $1,089 | (9%) | 45% | | Efficiency ratio | 63% | 60% | 69% | 300 bps | (600) bps | | Return on average tangible common equity (RoTCE) | 12.3% | 13.8% | 7.9% | (150) bps | 440 bps | | Fixed Income markets revenue | $4,023 | $4,268 | $3,578 | (6%) | 12% | | Equity markets revenue | $1,540 | $1,611 | $1,239 | (4%) | 24% | | Average loans (Billions of dollars) | $147 | $136 | $119 | 8% | 24% | [Banking](index=8&type=section&id=Banking) The Banking segment achieved robust 3Q25 growth in revenues and income from continuing operations, driven by strong investment banking fees and improved efficiency | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2,132 | $1,921 | $1,597 | 11% | 34% | | Income (loss) from continuing operations | $635 | $461 | $236 | 38% | 169% | | Efficiency ratio | 53% | 59% | 70% | (600) bps | (1,700) bps | | Return on average tangible common equity (RoTCE) | 12.3% | 9.0% | 4.3% | 330 bps | 800 bps | | Investment banking fees | $1,169 | $1,058 | $999 | 10% | 17% | | Advisory fees | $427 | $408 | $394 | 5% | 8% | | Debt underwriting (DCM) fees | $568 | $432 | $476 | 31% | 19% | [Wealth](index=9&type=section&id=Wealth) The Wealth segment maintained stable 3Q25 revenues quarter-over-quarter with year-over-year growth, and income from continuing operations rose significantly year-over-year | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2,164 | $2,166 | $1,995 | - | 8% | | Income from continuing operations | $374 | $494 | $283 | (24%) | 32% | | Efficiency ratio | 76% | 72% | 80% | 400 bps | (400) bps | | Return on average tangible common equity (RoTCE) | 12.1% | 16.1% | 8.5% | (400) bps | 360 bps | | EOP client balances (Billions of dollars) | $1,129 | $1,096 | $1,047 | 3% | 8% | | Net new investment assets (NNIA) (Billions of dollars) | $18.6 | $2.0 | $13.8 | NM | 35% | [U.S. Personal Banking (USPB)](index=10&type=section&id=U.S.%20Personal%20Banking%20(USPB)) The USPB segment reported increased 3Q25 revenues and income from continuing operations, driven by Branded Cards and Retail Banking, with improved efficiency and RoTCE | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,331 | $5,119 | $4,964 | 4% | 7% | | Income from continuing operations | $858 | $649 | $522 | 32% | 64% | | Efficiency ratio | 44% | 47% | 48% | (300) bps | (400) bps | | Return on average tangible common equity (RoTCE) | 14.5% | 11.1% | 8.2% | 340 bps | 630 bps | | Branded Cards revenue | $2,970 | $2,822 | $2,741 | 5% | 8% | | Retail Services revenue | $1,686 | $1,649 | $1,704 | 2% | (1%) | | Retail Banking revenue | $675 | $648 | $519 | 4% | 30% | | Average loans (Billions of dollars) | $220 | $217 | $210 | 1% | 5% | | Average deposits (Billions of dollars) | $90 | $90 | $85 | - | 6% | [USPB Key Drivers/Metrics](index=11&type=section&id=USPB%20Key%20Drivers%2FMetrics) This section details USPB's operational metrics, showing strong performance in new credit card acquisitions, spend volume, stable loan growth, and improved credit quality | Metric | 3Q25 | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--- | :--- | :--- | :------------ | :------------ | | New credit cards account acquisitions (Branded Cards, in thousands) | 1,343 | 1,194 | 1,224 | 12% | 10% | | Credit card spend volume (Branded Cards, in billions) | $135.6 | $135.8 | $128.9 | - | 5% | | Average loans (Branded Cards, in billions) | $120.2 | $118.0 | $114.8 | 2% | 5% | | NCLs as a % of average loans (Branded Cards) | 3.54% | 3.80% | 3.63% | (26) bps | (9) bps | | Loans 90+ days past due as a % of EOP loans (Branded Cards) | 1.07% | 1.09% | 1.09% | (2) bps | (2) bps | | Branches (actual) | 653 | 650 | 641 | - | 2% | [All Other—Managed Basis](index=12&type=section&id=All%20Other%E2%80%94Managed%20Basis) The 'All Other—Managed Basis' segment reported a 3Q25 decline in revenues and income from continuing operations, influenced by divestiture activities and unallocated corporate costs | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $1,535 | $1,698 | $1,820 | (10%) | (16%) | | Income (loss) from continuing operations | $(701) | $(588) | $(494) | (19%) | (42%) | | Efficiency ratio | 141% | 134% | 114% | 700 bps | 2,700 bps | | Average allocated TCE (Billions of dollars) | $40.9 | $40.7 | $29.2 | - | 40% | [Legacy Franchises](index=13&type=section&id=Legacy%20Franchises) Legacy Franchises showed mixed 3Q25 results, with Mexico Consumer/SBMM growing and Asia Consumer declining due to divestitures, while net income significantly improved quarter-over-quarter | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $1,871 | $1,691 | $1,734 | 11% | 8% | | Net income (loss) | $155 | $60 | $(31) | 158% | NM | | Efficiency ratio | 71% | 76% | 85% | (500) bps | (1,400) bps | | Mexico Consumer/SBMM revenue | $1,722 | $1,536 | $1,523 | 12% | 13% | | Asia Consumer revenue | $149 | $155 | $191 | (4%) | (22%) | | Mexico Consumer/SBMM EOP loans (Billions of dollars) | $28.5 | $26.8 | $23.5 | 6% | 21% | | Asia Consumer EOP loans (Billions of dollars) | $2.7 | $3.0 | $5.5 | (10%) | (51%) | [Corporate/Other](index=14&type=section&id=Corporate%2FOther) The Corporate/Other segment reported negative 3Q25 revenues and a significant loss from continuing operations, reflecting unallocated expenses and volatile financial performance | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $(336) | $7 | $86 | NM | NM | | Income (loss) from continuing operations | $(859) | $(626) | $(463) | (37%) | (86%) | | Average allocated TCE (Billions of dollars) | $35.8 | $35.6 | $23.0 | 1% | 56% | [Reconciling Items—Divestiture-Related Impacts](index=15&type=section&id=Reconciling%20Items%E2%80%94Divestiture-Related%20Impacts) This section details 3Q25 divestiture-related financial impacts, including a significant goodwill impairment charge in Mexico and separation costs, leading to a substantial loss | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2 | $(177) | $1 | NM | 100% | | Total operating expenses | $766 | $37 | $67 | NM | NM | | Income (loss) from continuing operations | $(777) | $(180) | $(45) | (332%) | NM | - 3Q25 operating expenses include a **$726 million goodwill impairment charge** in Mexico and separation costs[60](index=60&type=chunk) - 2Q25 includes an approximate **$186 million loss** recorded in revenue related to the announced sale of the Poland consumer banking business[57](index=57&type=chunk) [Citigroup Supplemental Detail](index=16&type=section&id=Citigroup%20Supplemental%20Detail) This section provides supplementary financial details for Citigroup, covering average balances, EOP loans and deposits, credit loss allowances, non-accrual assets, and regulatory capital ratios | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total average interest-earning assets | $2,472,065 | $2,425,332 | $2,282,116 | 2% | 8% | | Total average interest-bearing liabilities | $2,024,518 | $1,987,716 | $1,841,919 | 2% | 10% | | Net interest income as a % of average interest-earning assets (NIM) | 2.40% | 2.51% | 2.33% | (11) bps | 7 bps | [Average Balances and Interest Rates](index=16&type=section&id=Average%20Balances%20and%20Interest%20Rates) This section presents 3Q25 average volumes and interest rates for Citigroup's assets and liabilities, showing increases in both and a slight NIM decrease quarter-over-quarter | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total average interest-earning assets | $2,472,065 | $2,425,332 | $2,282,116 | 2% | 8% | | Total average interest-bearing liabilities | $2,024,518 | $1,987,716 | $1,841,919 | 2% | 10% | | Net interest income as a % of average interest-earning assets (NIM) | 2.40% | 2.51% | 2.33% | (11) bps | 7 bps | | Average consumer loans | $396,333 | $390,349 | $386,155 | 2% | 3% | | Average corporate loans | $328,686 | $321,827 | $300,357 | 2% | 9% | | Average deposits | $1,180,367 | $1,138,996 | $1,109,067 | 4% | 6% | [EOP Loans](index=17&type=section&id=EOP%20Loans) This section details 3Q25 End-of-Period loan balances by corporate and consumer segments, showing overall growth, particularly in North America corporate and Mexico Consumer loans | Metric | 3Q25 (Billions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total corporate loans | $335.3 | $329.6 | $299.8 | 2% | 12% | | Total consumer loans | $398.6 | $395.8 | $389.2 | 1% | 2% | | Corporate loans by region (North America) | $150.1 | $146.5 | $127.5 | 2% | 18% | | USPB Branded Cards EOP loans | $121.2 | $120.2 | $115.9 | 1% | 5% | | Mexico Consumer EOP loans | $21.2 | $20.0 | $17.4 | 6% | 22% | | Asia Consumer EOP loans | $2.7 | $3.0 | $5.5 | (10%) | (51%) | [EOP Deposits](index=18&type=section&id=EOP%20Deposits) This section details 3Q25 End-of-Period deposit balances by segment and region, showing total deposit growth, with Services and Wealth increasing, but Asia Consumer declining due to divestitures | Metric | 3Q25 (Billions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total deposits—EOP | $1,383.9 | $1,357.7 | $1,310.0 | 2% | 6% | | Services deposits | $891.3 | $874.5 | $825.7 | 2% | 8% | | Wealth deposits | $318.1 | $309.9 | $316.3 | 3% | 1% | | USPB deposits | $89.6 | $90.5 | $85.1 | (1%) | 5% | | Mexico Consumer deposits | $29.7 | $28.5 | $26.1 | 4% | 14% | | Asia Consumer deposits | $1.3 | $1.5 | $8.4 | (13%) | (85%) | [Allowance for Credit Losses (ACL) Rollforward](index=19&type=section&id=Allowance%20for%20Credit%20Losses%20(ACL)%20Rollforward) This section presents the 3Q25 rollforward of Allowance for Credit Losses (ACL), including ACLL and ACLUC by segment, showing year-over-year increases reflecting credit risk management | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total ACLL at end of period | $19,206 | $19,123 | $18,356 | - | 5% | | Total ACLUC at end of period | $1,820 | $1,721 | $1,725 | 6% | 6% | | Total allowance for credit losses (ACL) | $23,778 | $23,201 | $21,756 | 1% | 7% | | ACLL/EOP Loans | 2.65% | 2.67% | 2.70% | (2) bps | (5) bps | | Corporate ACLL | $3,001 | $3,023 | $2,556 | (1%) | 17% | | Consumer ACLL | $16,205 | $16,100 | $15,765 | 1% | 3% | [Allowance for Credit Losses on Loans (ACLL) and Unfunded Lending Commitments (ACLUC)](index=20&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans%20(ACLL)%20and%20Unfunded%20Lending%20Commitments%20(ACLUC)) This section analyzes 3Q25 ACLL and ACLUC, including NCLs and net reserve builds for loans, showing stable NCLs and a significant quarter-over-quarter decrease in net reserve builds | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total Citigroup ACLL at end of period | $19,206 | $19,123 | $18,356 | - | 5% | | Net credit (losses) / recoveries on loans (NCLs) | $(2,214) | $(2,234) | $(2,172) | (1%) | 2% | | Net reserve builds / (releases) for loans | $45 | $243 | $210 | (81%) | (79%) | | Provision for credit losses on loans (PCLL) | $2,259 | $2,477 | $2,382 | (9%) | (5%) | | Consumer ACLL at end of period | $16,205 | $16,100 | $15,765 | 1% | 3% | | Corporate ACLL at end of period | $3,001 | $3,023 | $2,591 | (1%) | 16% | [Non-Accrual Assets](index=22&type=section&id=Non-Accrual%20Assets) This section reports 3Q25 non-accrual loans (NAL) for corporate and consumer segments, showing a significant year-over-year increase in total NAL and a decrease in ACLL as a percentage of NAL | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total non-accrual loans (NAL) | $3,678 | $3,354 | $2,166 | 10% | 70% | | Corporate non-accrual loans | $2,071 | $1,722 | $944 | 20% | 119% | | Consumer non-accrual loans | $1,607 | $1,632 | $1,222 | (2%) | 32% | | NAL as a percentage of total loans | 0.50% | 0.46% | 0.31% | 4 bps | 19 bps | | ACLL as a percentage of NAL | 522% | 570% | 847% | (48) bps | (325) bps | [CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share](index=23&type=section&id=CET1%20Capital%20and%20Supplementary%20Leverage%20Ratios%2C%20Tangible%20Common%20Equity%2C%20Book%20Value%20Per%20Share%20and%20Tangible%20Book%20Value%20Per%20Share) This section provides key 3Q25 capital and equity metrics for Citigroup, showing slight declines in CET1 and SLR ratios, while Tangible Book Value Per Share continued to increase | Metric | September 30, 2025 (Millions of dollars, except per share/ratio) | June 30, 2025 | September 30, 2024 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--------------------------------------------------------------- | :------------ | :----------------- | :------------ | :------------ | | CET1 Capital | $158,461 | $158,943 | $158,106 | - | - | | Risk-Weighted Assets (RWA) | $1,197,575 | $1,178,756 | $1,153,150 | 2% | 4% | | CET1 Capital ratio (CET1/RWA) | 13.2% | 13.48% | 13.71% | (28) bps | (51) bps | | Supplementary Leverage ratio (SLR) | 5.5% | 5.53% | 5.85% | (3) bps | (35) bps | | Tangible common equity (TCE) | $171,265 | $173,339 | $169,588 | (1%) | 1% | | Book value per share | $108.41 | $106.94 | $101.91 | 1% | 6% | | Tangible book value per share (TBVPS) | $95.72 | $94.16 | $89.67 | 2% | 7% |

Core Insights - Citygroup reported a strong quarter with record revenue across all business lines, indicating successful transformation under CEO Jane Frasier [2][3][9] Financial Performance - Earnings per share (EPS) came in at $1.86, a 23% increase year-over-year, while revenue reached $22.1 billion, up 9% year-over-year [3] - The stock has outperformed the S&P 500 year-to-date, rising over 30% [3] Business Segment Performance - Banking revenue rose by 34%, driven by increased deal activity and advisory fees, with the IPO market experiencing its strongest quarter since 2021 [4] - Fixed income and services segments also showed growth, with fixed income up 15% and services up 7% [5] - Wealth management grew by 8%, and retail banking increased by 7%, reflecting broad-based strength across demographics [6] Expense Management - Expenses increased due to the partial sale of the Banamex stake and higher compensation costs associated with hiring new dealmakers and tech talent [7] Market Context - Despite strong earnings, macroeconomic headwinds between the US and China may impact overall market sentiment [2]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...