Citigroup Inc. reported in its third-quarter earnings release that its revenue reached $18.5 billion, growing 6% on a yearly basis. However, net income plunged 25% to $3.4 billion from the same quarter in 2021, while diluted earnings per share stood at $1.63, losing 24%.

"Given the strength of our balance sheet, capital levels and liquidity, we are well positioned to help our clients navigate very challenging markets and slower growth," CEO Jane Fraser said. She added the bank continues to shrink its operations in Russia "and we will be ending nearly all of the institutional banking services we offer next quarter."

Citi's stock lost 1.56% in premarket trade after the report.