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Citigroup Inc (NYSE:C) Institutional Clients Group Revenue Grew 9% YOY


Citigroup Inc (NYSE:C) Clients Group (ICG) revenues were $9.2 billion in the third quarter of 2017, up 9% from the prior-year period. Primarily driven by a 16% increase in Banking revenues and a 3% increase in Markets and securities services revenues. The increase in Banking revenues included the impact of $48 million of losses on loan hedges within corporate lending. However, that is  compared to losses of $218 million in the prior-year period. Below we can see the 9% growth in Citigroup's Institutional Clients Group's revenue. 



ICG net income of $3.0 billion increased 15%, driven by higher revenues, including the $580 million ($355 million after-tax) gain on the sale of a fixed income analytics business. Moreover, ICG had a higher benefit from cost of credit, partially offset by higher operating expenses. ICG operating expenses increased 5% to $4.9 billion, as investments and volume-related expenses were partially offset by efficiency savings. Using HADE graphs, we can see below ICG's net income and operating expense. 



Citigroup Inc. is a global financial services company. It provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. The company also offers various wholesale banking products and services, that include fixed income and equity sales and trading, foreign exchange, prime brokerage, and equity and fixed income research services. Citigroup Inc. is based in New York.