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WASHINGTON (dpa-AFX) - Citigroup Inc. (C) reported that its fourth quarter net income declined 7% from the prior-year period, driven by the lower revenues, an increase in expenses, and a higher
American banks Citigroup and JP Morgan have beat analysts’ expectations helped by the release of a pile of cash set aside for loans.
By Ambar Warrick and Imani Moise (Reuters) - Citigroup Inc reported fourth-quarter profit that beat market expectations on Friday, but that failed to impress Wall Street as higher costs and a fall in revenue across its consumer business weighed on the results. Like fellow U.S. bank JPMorgan Chase & Co, the results benefited from the release of $1.5 billion from its more than $10 billion reserves kept aside to cover coronavirus-driven bad loans. Fiscal and monetary stimulus to prop up the economy have revived banks' confidence in their customers, but the resulting rock-bottom official inte...
Provided by Dow Jones By David Benoit Citigroup Inc. said Friday that its fourth-quarter income fell 7% and that it drew down some of the reserves it had set aside to cover potentially soured loans. The New York bank said profit fell to $4.63 billion, or $2.08 a share, compared with $4.98 billion, or $2.15 a share, a year earlier. That still beat the $1.34 expected by analysts polled by FactSet. Revenue fell 10% to $16.5 billion, falling short of the $16.72 billion analysts had expected. For all of 2020 -- a year of upheaval in the economy -- profit ...
The company beat analysts' estimates thanks to a big reserve release, increased spending and fewer credit losses on the consumer side, and a modest rise in expenses.