Citigroup Q3 Earnings: Profit Falls 9%, Investment Banking Revenue Soars, Mastercard and Apollo Partnerships

Citigroup Inc (NYSE:C) reported a third-quarter fiscal 2024 revenue growth of 1% year-over-year to $20.32 billion, beating the analyst consensus estimate of $19.84 billion. Excluding divestiture-related impacts, revenues were up 3%.

GAAP EPS of $1.51 beat the analyst consensus estimate of $1.31.

The stock climbed after the quarterly print in the premarket session but gave up gains.

Also Read: Bank of America Q3 Earnings: Profit Drops 12% On Loan Loss Provisions, Investment Banking Fees Soar 18%

Net credit losses were $2.17 billion, up 33% Y/Y. Services revenue grew 8% year over year to $5.03 billion, primarily reflecting continued momentum in Securities Services, Treasury and Trade Solutions.

Markets revenue increased by 1% year over year to $4.82 billion, driven by growth in Equity markets revenues, partially offset by lower Fixed-Income markets revenues.

Banking revenue increased 16% Y/Y to ...