Q3 2025 Citigroup Inc Earnings Call Transcript
Key Points
- Citigroup Inc (C) reported a strong quarter with net income of $3.8 billion and earnings per share of $1.86, with an adjusted EPS of $2.24.
- Revenues increased by 9%, with every business segment achieving record third-quarter revenue and improved returns.
- The Services division had a record quarter with revenues growing by 7%, driven by increased cross-border transactions and US dollar clearing.
- Investment banking fees rose by 17%, with growth across all products, supported by increased CEO confidence and clarity around tariffs.
- The Wealth division saw an 8% revenue increase, driven by Citi Gold and the Private Bank, with record net new investment assets of $18.6 billion.
- Expenses increased by 9%, largely due to a goodwill impairment, with adjusted expenses up 3%.
- The cost of credit was $2.5 billion, primarily due to net credit losses in US cards and a firm-wide net ACL build.
- Corporate non-accrual loans increased due to idiosyncratic downgrades, although they remain low overall.
- The Retail Services segment saw a slight revenue decline of 1%, driven by higher partner payment accruals.
- The company faces challenges in the regulatory environment, particularly with data for regulatory reporting taking more time to improve.
Hello and welcome to Citi's third quarter 2025 earnings call. Today's call will be hosted by Jen Landis, Head of the Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ms. Landis, you may begin.
Thank you, operator. Good morning and thank you all for joining our third quarter 2025 earnings call. I'm joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.
I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings.
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