Citigroup shares fall slightly after mixed earnings report
Citigroup increased its profit year-on-year in the final quarter of 2016 by 7%, according to the company's earnings release on Wednesday.
Citigroup Inc.
$58.32
11:04 18/04/24
The US banking group posted earnings per share of $1.14, beating forecasts from analysts for $1.12.
However, revenue for the quarter declined by 8% to $17.01bn, after the company raked in $18.5bn during the final quarter of 2015. The figure was also a decline from the $17.76bn it took in the third quarter of 2016.
Revenue missed experts' consensus of $17.76bn, but chief executive Michael Corbat remained upbeat despite the mixed signals.
"We had a strong finish to 2016, bringing momentum into this year. We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm," said Corbat.
"We achieved a full year Citicorp efficiency ratio of 58% as we had targeted, while again increasing our loans and deposits."
The company also announced that it would be the last time that the lender will present Citi Holdings´s results separately.
"At its peak, Holdings had over $800bn in assets, generating sometimes multi-billion dollar losses in a single quarter. Today, Holdings' $54bn of assets are only 3% of Citigroup's balance sheet and, for the tenth quarter in a row, Holdings was profitable."