Citigroup Inc. (NYSE:C) today reported net income for the third quarter 2013 of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion. This compared to net income of $468 million, or $0.15 per diluted share, on revenues of $13.7 billion for the third quarter 2012. CVA/DVA was a negative $336 million in the third quarter ($208 million after-tax) resulting from the tightening of Citi’s credit spreads in the quarter, compared to a negative $776 million ($485 million after-tax) in the prior year period. Third quarter 2013 results also included a $176 million tax benefit related to the resolution of certain tax audit items, compared to a $582 million tax benefit in the prior year period (both recorded within Corporate/Other). In addition, third quarter 2012 results included a pre-tax loss of $4.7 billion ($2.9 billion after-tax) related to the Morgan Stanley Smith Barney joint venture (MSSB). 5 Excluding CVA/DVA in both periods and the MSSB loss in the third quarter 2012, third quarter 2013 revenues were $18.2 billion, down 5% from the prior year period. Excluding CVA/DVA and the tax benefit in both periods, as well as the MSSB loss in the third quarter 2012, earnings were $1.02 per diluted share, down 4% from the prior year period. Michael Corbat, Chief Executive Officer of Citi, said, “We performed relatively well in this challenging, uneven macro environment. While many of the factors which influence our revenues are not within our full control, we certainly can control our costs and I am pleased with our expense discipline and improved efficiency year-to-date. "We also continued to reduce the size of Citi Holdings, now 6% of our balance sheet, and its drag on our earnings during the quarter. We generated additional capital, primarily through retained earnings and DTA utilization, and our Tier 1 Common ratio increased to an estimated 10.4% on a Basel III basis. Other key capital metrics also strengthened, including our Supplementary Leverage Ratio, which increased to an estimated 5.1%. With the environment remaining challenging, we will continue to focus on all aspects of our business to improve client satisfaction and shareholder results consistent with our strategy," Mr. Corbat concluded.