Citigroup Inc. today reported net income of $3.8 billion for the third quarter, a 74 percent increase over the prior year period and a 13 percent increase over the second quarter 2011.

The New York-based bank said third quarter revenue was $20.8 billion, a slight increase from the same period the prior year and the second quarter.

The quarter’s revenue includes a $1.9 billion credit valuation adjustment (CVA) reflecting the widening of Citi’s credit spreads during the third quarter. Excluding CVA, third quarter 2011 revenues were $18.9 billion, an 8 percent decrease from the prior year period and the second quarter 2011.

Citigroup Reports Q3 Earnings Boost On CVA

by Banker & Tradesman time to read: <1 min
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