Citigroup reported this Friday morning of a 25% drop in its profit from third quarter of 2022as its investment banking business faced a drop in operations.
the activity of fusions and acquisitions has come to a standstill this year as companies try to calibrate their businesses to a higher interest rate regime in most parts of the world, while also coping with geopolitical uncertainties such as the fallout from the ukrainian war.
The weaker economic outlook prompted Citi to add $370 million to reserves this quarter, compared with releasing $1.16 billion a year ago.
The increase in reserves pushed Citi’s global borrowing costs to $1.36 billion, compared with a profit of $192 million a year ago.
The bank’s net income was $3.5 billion, or $1.63 a share, in the three months ended Sept. 30, down from $4.6 billion, or $2.15 a share, a year earlier.
Analysts on average had expected a profit of $1.42 per share, according to Refinitiv IBES data. It was not clear whether the reported figures were comparable to the estimates.
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