Citigroup Inc. announced its financial results for the quarter ended September 30, 2026, reporting net income of $5.2 billion, or $2.85 per diluted share. This compares to net income of $3.8 billion, or $1.86 per diluted share, for the same period in the prior year. On a reported basis, earnings per share increased 53% year-over-year. Excluding a notable item related to a goodwill impairment from the prior year, EPS increased 27%.
For the third quarter, total revenues were $23.8 billion, an increase of 8% from the prior year. The company noted that this was the best third-quarter revenue in a decade. Revenue growth was driven by Services, Wealth, Markets, and Banking, partially offset by a decline in All Other. Net interest income increased 14% year-over-year, while non-interest revenue decreased 4%.
Operating expenses for the quarter were $13.9 billion, a decrease of 2% on a reported basis. This decrease was driven by the absence of a notable item in the prior year and lower professional services expenses. The company’s provision for credit losses was $2.6 billion, reflecting $2.2 billion in net credit losses and a net reserve build of $369 million.
Citigroup reported end-of-period loans of $820 billion, up 12% from the prior year, and end-of-period deposits of approximately $1.5 trillion, up 9% from the prior year. The company’s book value per share was $115.61, and tangible book value per share was $101.59. The Common Equity Tier 1 (CET1) capital ratio was 12.8%, and the Supplementary Leverage ratio was 5.0%.
In terms of shareholder returns, Citigroup returned $4.1 billion to common shareholders during the quarter through share repurchases and dividends. The payout ratio for common dividends was 85%. The company expects to exceed its return target for the year while continuing to invest in growth and preparing for an AI-driven future.
