By Citi Private Bank,
October 17, 2017Posted InCiti
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Citi continues focus on return of and on capital after strong results
Citi’s financial position has improved once again. As of the end of the third quarter of 2017, its Common Equity Tier 1 capital ratio – a widely-used gauge of banks’ financial strength – increased to 13%, up from the 12.6% a year ago. This once more makes Citi one of the best capitalized banks in the industry.
The latest improvement in Citi’s robustness came alongside a strong operating performance. Third quarterly revenues of $18.2 billion and earnings per share of $1.42 compare favorably to the $17.8 billion and $1.24 for the same period in 2016. As well as rising revenues from key products where it has invested heavily, tight management of expenses helped drive progress. The Institutional Clients Group – of which the Private Bank is an integral part – saw a 9% increase in revenues to $9.2bn.
“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,” said Citi’s Chief Executive Officer Michael Corbat.
“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.”