Citigroup Inc. announced its third quarter 2023 net income, amounting to $3.5 billion or $1.63 per diluted share, with revenues totaling $20.1 billion. The previous year, the third quarter of 2022 recorded a net income of $3.5 billion or $1.63 per diluted share, with revenues at $18.5 billion, according to the Third Quarter 2023 Results and Key Metrics released by Citigroup.

"Citigroup operating expenses of $13.5 billion in the third quarter 2023 increased 6%, largely driven by investments in risk and controls, severance and the impact of inflation," the release stated.

A 9% revenue boost from the previous year was primarily driven by strong performances in Services and Markets (ICG) and US Personal Banking (PBWM), along with growth in Banking (ICG) and was partly offset by reductions linked to closed exits and wind-downs within Legacy Franchises, as reported in Citigroup's Third Quarter 2023 Results and Key Metrics.

“Our CET1 ratio grew to 13.5% which is $14 billion above our current regulatory minimum after returning $1.5 billion to our shareholders through common dividends and share repurchases. Our discipline of growing operating deposits has enabled us to maintain a stable deposit base. Taken with our high-quality asset portfolio, strong reserve levels, ample liquidity and diversified earnings base, we are proving to our clients that we truly are a bank for all seasons," said Citi CEO Jane Fraser, according to the Third Quarter 2023 Results and Key Metrics released by Citigroup.

In Q3, divestiture-related impacts were $299 million in earnings before taxes ($214 million after tax), mainly from selling the Taiwan consumer business within Legacy Franchises. Earnings per share reached $1.52. In Q3 2022, divestiture-related impacts were $519 million in earnings before taxes ($256 million after tax), with earnings per share at $1.50, excluding these impacts. Net income increased by 2% to $3.5 billion from the previous year and by 3% when excluding divestiture-related impacts. This increase was driven by higher revenues, partly offset by increased expenses and a higher cost of credit as reported in Citigroup's Third Quarter 2023 Results and Key Metrics.