NET INCOME OF $3.2 BILLION ($1.40 PER SHARE)
REVENUES OF $17.3 BILLION
RETURNED $1.1 BILLION OF CAPITAL TO COMMON SHAREHOLDERS
THROUGH DIVIDENDS
BOOK VALUE PER SHARE OF $84.48
TANGIBLE BOOK VALUE PER SHARE OF $71.95 5)

New York, October 13, 2020 – Citigroup Inc. today reported net income for the third quarter 2020 of $3.2 billion, or $1.40 per diluted share, on revenues of $17.3 billion.
This compared to net income of $4.9 billion, or $2.07 per diluted share, on revenues of $18.6 billion for the third quarter 2019.
Revenues decreased 7% from the prior-year period, primarily reflecting lower revenues in Global Consumer Banking (GCB) and Corporate / Other, partially offset by growth in Fixed Income Markets, Investment Banking, Equity Markets and the Private Bank in the Institutional Clients Group (ICG). Net income declined 34% from the prior-year period, largely driven by the lower revenues, an increase in expenses and higher credit costs.
Results include a $400 million civil money penalty in connection with consent orders recorded in Corporate / Other. Earnings per share of $1.40 decreased 32% from the prior-year period, primarily reflecting the decline in net income.
Percentage comparisons throughout this press release are calculated for the third quarter 2020 versus the third quarter 2019, unless otherwise specified.

CEO Commetary
Michael Corbat, Citi CEO, said, “We continue to navigate the effects of
the COVID-19 pandemic extremely well. Credit costs have stabilized;
deposits continued to increase; and revenues are up 3% year-to-date.
Our Institutional Clients Group again had very strong performance,
especially in Markets, Investment Banking and the Private Bank. The
backbone of our global network, Treasury and Trade Solutions
experienced strong client engagement in the face of low interest rates.
Although Global Consumer Banking revenues remained lower as a result
of the pandemic, we did see higher activity in our mortgage and wealth
management products.
“Our capital position strengthened during the quarter with our Common
Equity Tier 1 ratio increasing to 11.8% and our Tangible Book Value
per share increasing to $71.95. We remain committed to returning
capital to our shareholders, subject to the industry-wide approach
determined by the Federal Reserve.
“We are committed to thoroughly addressing the issues contained in
the Consent Orders we entered into last week with the Federal Reserve
and the Office of the Comptroller of the Currency. These investments will
not only further enhance our safety and soundness, they will result in a
digital infrastructure that will improve our ability to serve our
clients and customers and make us more competitive,” Mr. Corbat concluded.

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