Citigroup posts $3.2 billion third-quarter profit

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The nation’s fourth-largest bank reported a third-quarter profit of $2.64 billion, or 56 cents per share, after paying preferred dividends, up from $1.64 billion, or 49 cents per share, a year ago.

Third-quarter net income advanced 6.6% to $3.44 billion, or $1.07 a share, from $3.23 billion, or $1, a year earlier, the New York-based company said on Tuesday in a statement.

Citigroup posts $2.2 billion profit. The provision for credit losses, the funds set aside for the allowance of bad loans, was reduced to $5.9 billion, the lowest since the second quarter of 2007, prior to the onset of the financial crisis. That’s a decrease of 11% from the previous quarter and nearly 35% from a year ago.

FHA REO inventory up 47% from one year ago PDF Housing Market Indicators Monthly Update – – 6.2 months in July but higher than 6.0 months one year ago. Inventory was up 13.2 percent year-over-year to 318,000 available properties, the most since February 2009. The listed inventory of existing homes for sale represents a 4.3-month supply, the same as the previous month, but slightly higher than a year ago (4.1 months).

Citi was able to grow profits despite a small drop in revenue compared to a year earlier. The bank’s revenue was $18.39 billion in the quarter, down from $18.42 billion a year earlier.

The third-quarter results released Thursday marked the 19th straight profitable quarter for the government-controlled company. washington-based Fannie Mae said it will pay a dividend of $3 billion.

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Citi Posts $2.8 Billion 3rd-Quarter Loss. Citigroup on Thursday reported a $2.8 billion loss for its third quarter, as the banking giant took more than $13.2 billion in charges related mostly to its store of toxic mortgage assets. The quarterly loss, its fourth in a row, was a stark reversal from the $2.2 billion it earned at.

Citigroup released. costs clocked in at $1.9 billion. Compare this to just $458 million in expenses of the same nature in the third quarter of 2015, and you’ll get a good picture of why Citigroup.

The New York-based bank earned $4.62 billion in the third quarter, up from $4.13 billion a year ago. Citi earned a profit of $1.74 per share, which was better than the $1.68 a share that was.

Citigroup also noted its effective tax rate fell to 24 percent in the third quarter from 31 percent a year earlier. That pushed third-quarter profit up 21.8 percent on a year-over-year basis.

A Citigroup spokesman declined to comment. The Washington Post. several billion dollars. At the end of the third quarter, Citi said its past losses were valued at about $38 billion, allowing it to.

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