"Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results," Vikram Pandit, Citi's Chief Executive Officer, said in a statement. "We continued to manage our risk prudently while growing the businesses that are core to our strategy."
The bank, however, saw
Loan growth was strong, with end-of-period loans at Citicorp, which houses the core businesses, increasing 13% on a year-on-year basis. Loans increased by nearly 1% on a sequential basis. On a constant currency basis, loans grew 4% sequentially.
Operating expenses increased 8% from the prior year period to $12.5 billion, reflecting higher expenses from the impact of foreign exchange translation, higher legal and related expenses and ongoing investment spending. However, the bank pointed out that its investments in Asia achieved operating leverage in the third quarter, ahead of schedule and that its investments in Latin America will start paying off in the fourth quarter.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts