Citigroup Inc. (C) reported third quarter net income of $3.5 billion, which was down 25% from the prior-year period, primarily driven by higher cost of credit resulting from the loan growth in PBWM and higher operating expenses. Earnings per share was $1.63, decreased 24% from the prior-year period, reflecting the lower net income, partially offset by an approximate 4% decline in average shares outstanding.
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