Thank you, Jane, and good morning, everyone. Starting on slide 4, as Jane mentioned, Citigroup reported a third-quarter net income of $4.6 billion, EPS of $2.15, and an ROTCE of 11% on $17.2 billion of revenues. Embedded in these results is a pre-tax loss of $680 million related to the sale of our Australia Consumer business.
Excluding this item, EPS would've been $2.44 with an ROTCE of 12.5%.
As a reminder, while we received a premium to book on the sale of the business, we did incur a pre-tax loss primarily related to the currency translation adjustment that has built up over time and is already included in our capital. Upon closing, the capital impact of this loss will be largely neutralized, and we will release approximately $800 million of capital allocated to the business. Revenues declined 1% from the prior year, excluding the loss on the sale, revenues would have been up 3%, largely driven by Investment Banking fees, as well as strong growth in Equity Markets and Securities Services. Expenses were up 5% year-over-year, and constant dollar expenses were up 4% in the quarter. On a year-to-date basis, our expenses have grown by 5% with two main drivers: investments in the transformation, including the six programs to address the consent orders, which drove about 3% of the growth so far this year. And business-led investments which focus on our front office expansion in the Investment Bank, Wealth, and Security Services, and investments to improve our client experience and digitize our network.
So far this year, we added over 500 bankers, advisors, and other front office support in Wealth, including Private Bank and the consumer wealth businesses, and 200 corporate and investment bankers globally in high-growth areas, including senior hires across tech, healthcare, fintech, and private equity coverage. In our services businesses, TTS and Security Services, we continue to improve client experience and digital capabilities, which is enabling us to capture significant new mandates. In Consumer, these investments include development and marketing for new offerings like the Custom Cash Card and installment lending, as well as investments in our mobile and digital user experience.
In addition, there were also increases in volume and revenue-related expenses, as well as businesses' usual expenses which were largely offset by efficiency savings.
As a reminder, we will continue to analyze our expenses to look for opportunities to self-fund investments. And now turning to credit, credit performance remained strong with net credit losses of just under $1 billion more than offset by an ACL release of $1.2 billion, largely reflecting continued improvement in portfolio quality. In constant dollars, end-of-period loans were down 1% year-over-year, reflecting the impact of the Australia exit.
Excluding this impact, loans would have been up 1% year-over-year, driven by active client engagement in TTS, Private Bank, and end-of-period of-period deposits were up 6% year-over-year, reflecting continued engagement with our consumer and corporate clients, as well as continued momentum in client acquisition and deepening across both corporate clients and consumers.
Finally, as Jane noted earlier, we returned roughly $11 the lion in the capital so far this year. And while we remain committed to continuing to invest in our franchise, we will continue to return excess capital to shareholders.
Turning now to east business. Slide five shows the results for the Institutional Clients Group. Revenues increased 4% year-over-year and sequentially, mainly driven by Investment Banking, Equity Markets, and Securities Services. Expenses increased 9%, with about half of the increase driven by transformation, and the other half business-lediness led investments and higher revenue-related costs, partially offset by efficiency savings. Credit costs were largely benign in the quarter as minimal net credit losses were more than offset by an ACL reserve release. This resa resulted in a net income of $3.4 billion, which grew 21% in the quarter and 60% on a year-to-date basis. And ICG delivered an ROTCE of 14.5% for the quarter and 18.8% year-to-date. Slide 6 shows revenues for the insticlient'sl client's group in more detail.
On the banking side, revenues were up 11% and Treasury and Trade Solutions continued growth in fee revenues of 20% year-over-year, the highest quarter for fees in a decade reflected solid client engagement and client acquisition, as well as a recovery in commercial Card revenues.
However, all of this was more than offset by the impact of lower deposit spreads, driving total revenues down 4%. We're continuing to see momentum across our payment busina ess with 15% growth in cross-border flows and 10% growth in clearings transactions over the past year.
As of quarter-end, TTS loans grew 15%, mainly in trade loans where our technology invest the ments in supply chain and deep local knowledge is enabling us to meet our clients' needs across the globe. Investment Banking revenues were up 39% year-over-year, largely driven by M&A as we continue to see the benefits from our front office investments, which positioned us well to take advantage of increased deal activity.
As Jane mentioned, this was the 2nd best quarter for Investment Banking revenues and the best quarter for M&A in a decade. Private Bank revenues grew 4% driven by growth in assets under management, loans, and deposits, reflecting momentum with new and existing clients.
This quarter, we added almost 200 bankers, investment counselors, and other front office support, and onboarded over 200 new clients.
Our investments in talent continue to drive growth, which bodes well for our overall strategy and wealth. Corporate lending revenues were up 17% primarily driven by lower cost of funds and a modest gain on sale, partially offset by lower loan volumes. Total markets and Security Services revenues decreased 4% from last year. Fixed income revenues decreased 16% reflecting the continued normalization in market activity across rates and spread products.
However, we saw strong activity with our Corporate clients, engaging with them in foreign exchange products to support their global operations, and hedging solutions to assist with their risk mitigation efforts. Equity Markets revenues were up 40%; our second-best quarter in a decade, driven by cash equities, derivatives, and prime finance, reflecting solid client activity and favorable market conditions. This is another business where we see our investments in talent and technology paying off. In Security, Services revenues were up 10%.
Here we saw strong growth in fee revenues as the investments that we've been making in our platform and product capabilities enabled us to grow revenue with both new and existing clients, partially offset by lower deposit spreads.
Finally, looking at year-to-date results in ICG, we've seen a strong contribution from Investment Banking and Equity Markets, as well as solid results in the Private Bank and Securities Services, which helped to offset the expected normalization and fixed income markets.
Turning now to the results for Global Consumer Banking in constant dollars, on Slide 7. Revenues declined 14%, and 5% excluding the loss on the sale, as solid deposit growth and momentum in investment management were more than offset by lower card balances and lower deposit spreads. Expenses increased 5% with about half driven by transformation, and the remainder driven by business-led investments and volume-related expenses, partially offset by efficiency savings. Cost of credit was a modest benefit this quarter, as a roughly $1 billion ACL reserve release, more than offset net credit losses. This resulted in a net income of $1.3 billion, which grew 44%. And GCB delivered a 15% ROTCE and a 21.5% ROTCE, excluding the loss on the sale.
Finally, looking at year-to-date results, we've seen steady improvement in our drivers over the course of the year with purchase sales up 5% relative to 2019, and acquisitions nearing pre - COVID levels globally. And the business delivered 22.4% ROTCE, excluding the loss on the sale. Slide 8 shows the results for North American consumers in more detail. Total third-quarter revenues were down 4% from last year as we continue to see headwinds from higher payment rates and deposit spreads. That said, we are encouraged by the trends we're seeing in both cards and retail banking. In branded cards and retail services, purchased sales were up versus the prior year by 24% and 14% respectively, with both above 2019 levels. And in retail banking, average deposits, and within that, checking deposits, were both up 14%. AUMs were up 16% and Citigold households were up 13% this quarter. We're also making progress on our U.S. digital strategy. U.S. digital deposits grew 26% compared to the prior year. An installment loan balances, including our Flex Loan and Flex Pay products, have also grown substantially, up 22% compared to the prior year, and over 80% of these loans are originated digitally. On slide 9, we show results for International Consumer Banking in constant dollars. Revenues declined 30% year-over-year in the third quarter.
Excluding the loss on the sale, revenues declined 5% with a 7% decline in Latin America and a 4% decline in Asia.
Looking at International Consumer overall, we're seeing good momentum and investment management with 10% growth in assets under management, primarily driven by Asia, and the growth is meaningfully higher if you look specifically at the four international Wealth hubs. Purchase sales grew 8% versus the prior year. And average deposits grew 3%, albeit at lower deposit spreads. Slide 10 provides additional detail on global consumer credit trends. Credit remained favorable again this quarter across all regions. And given the delinquency trends, we're seeing today, we do not expect credit deterioration in the U.S. portfolio in 2021. Slide 11 shows the results for corporate other. Revenues increased by over $300 million driven by higher net revenue from the investment portfolio. Expenses declined by $300 million due to the absence of the civil money penalty, which we incurred in the 3rd quarter of last year, offset by an increase in expenses related to the transformation. Credit costs were still a benefit in the quarter or reflect the lower ACL release in the legacy portfolio relative to last year.
Finally, EBT was a loss of $330 million. Slide 12 shows our net interest revenue and margin trends, as well as non-interest revenues on a reported basis. In the third quarter, net interest revenue of $10.4 billion declined roughly $100 million year-over-year, reflecting lower loan balances and the impact of lower rates. On a year-to-date basis, net interest revenue declined by roughly $2.3 billion.
Turning to non-interest revenues, on the bottom of the slide. In the third quarter, non-NIR declined by approximately $50 million year-over-year. Driven by the impact from the loss on the sale of the Australia Consumer business.
Excluding the loss, non-interest revenues would have grown by over $600 million or 9% driven by strong growth in fees in ICG. On Slide 13, we show our key capital metrics.
Our CET1 capital ratio ticked down to 11.7%.
During the quarter, Citi returned a total of $4 billion to common shareholders in the form of $1 billion in dividends and share repurchases of $3 billion.
Our supplementary leverage ratio was largely unchanged at 5.8%. And our Tangible Book Value per share grew by 10% year-over-year to $79.07, driven by Net Income.
Before we move to Q&A, let me touch briefly on our outlook for 2021.
On the top line for total Citigroup, we still expect revenues to be down in the mid-single-digit range on a reported basis, excluding any divestiture-related impacts.
On the expense side, we continue to expect full-year expenses to be up in the mid-single-digit range, excluding any divestiture-related impacts as we continue to transform our risk and control environment and invest in our businesses. And we will continue to look for ways to partially self-fund these investments over time. With that, Jane and I would be happy to take your questions.