- Citigroup Inc.
- 15 January 2021 17:33:41
Source: Sharecast
During the fourth quarter, the lender's net income fell 7% from a year ago to $4.63bn for adjusted earnings per share of $2.08, down 3%.
That compared to EPS of $2.15 for the comparable year ago period and analysts' estimates for $1.34.
Citi blamed lower revenues, together with higher costs and taxes for the drop in profits, although lower credit costs acted as a partial offset.
Revenues slid 10% to $16.5bn, against a median consensus estimate of $16.7bn, according to FactSet.
Falling revenues were seen across most of its business arms, including global consumer banking, institutional clients and corporate banking.
Full-year revenues on the other hand were flat, Citi's chief executive officer, Michael Corbat, pointed out, despite the fallout from the Covid-19 pandemic.
Equity underwriting was a bright spot in the firm's results, rising by 83% versus a year ago to $438m, although those from mergers and acquisitions and debt underwriting declined.
As of 1731 GMT, Citigroup shares were down 5.98% to $64.88.