Citigroup profits fall 36%

Earnings fell 36% to $2.92 billion, or $1.33 per share. Analysts had expected $1.31.

Revenue fell 1% to $19.44 billion. Analysts had expected $19.34 billion.

In the institutional clients group, which includes investment banking and trading, revenue fell 9% to $10.44 billion.

Trading income fell 13%, with fixed income trading down 13% and shares down 10%.

In investment banking, which includes fees from mergers and sales of corporate stock and debt, revenue fell 24% to $612 million.

Its business that banks big companies around the world and helps them move money continued to benefit from higher interest rates and cash flows, with revenue up 15% to $3.5 billion.

In the consumer banking and wealth management unit, revenue increased 6% to $6.4 billion.

The profitability measure Citi investors focus on most, return on tangible stocks, fell to 6.4% from 11.2% a year ago.

Expenses rose 9% to $13.57 billion, in part due to increased severance pay following layoffs.

The results were dragged down by charges from the consumer businesses Citigroup is exiting around the world, including Mexico. Citigroup said that excluding those costs, it would have earned $1.37 per share.

Shares were flat in early trading.

Source link

Back to top button

mahjong slot