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.





