Citigroup profit falls but beats Wall Street target; shares fall
Citigroup Inc. (C) said Friday its fourth-quarter net income fell to $3.17 billion, or $1.46 a share, from $4.3 billion, or $1.92 a share, in the year-ago period. Revenue increased to $17 billion from $16.8 billion. The New York-based bank beat the Wall Street targets of $1.39 in earnings on revenue of $16.85 billion, according to a survey by FactSet. Citi said it faced higher expenses, partially offset by higher revenue and lower cost of credit. The latest quarter also included a pre-tax impact of approximately $1.2 billion related to its previously announced divestiture of its consumer banking businesses in Asia. Shares of Citi fell 3.6% in premarket trades. So far in 2022, shares of Citigroup are up 12.2%, outperforming the loss of 2.3% by the S&P 500 as of Thursday's close.
(END) Dow Jones Newswires
January 14, 2022 08:14 ET (13:14 GMT)
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