Citigroup Inc (NYSE:C) has just posted its financial results for the third quarter of 2021.

Institutional Clients Group (ICG) revenues for the third quarter of 2021 amounted to $10.8 billion up 4% from the year-ago period, primarily driven by higher revenues in Investment Banking, Equity Markets and Securities Services, partially offset by declines in Fixed Income Markets and Treasury and Trade Solutions.

Markets and Securities Services revenues of $5.0 billion decreased 4% from the result reported in the year-ago quarter. The result for the third quarter of 2021 was better than in the preceding quarter.

Fixed Income Markets revenues of $3.2 billion decreased 16% reflecting the continued normalization in market activity across rates and spread products. Equity Markets revenues of $1.2 billion increased 40%, driven by derivatives, prime finance and cash equities, reflecting solid client activity and favorable market conditions.

Securities Services revenues of $692 million increased 10% on a reported basis and 9% in constant dollars, driven by strong growth in fee revenues with both new and existing clients, driven by growth in assets under custody and settlement volumes, partially offset by lower deposit spreads.

ICG net income of $3.4 billion increased 21%, as the lower cost of credit and the higher revenues more than offset the higher expenses.

Across all segments, revenues reached $17.2 billion, down 1% from the prior-year period.

Net income of $4.6 billion increased 48% from the prior-year period driven by a lower cost of credit, partially offset by the lower revenues and higher expenses.

Earnings per share of $2.15 increased 58% from the prior-year period, reflecting the growth in net income, as well as a 3% decline in shares outstanding.