WASHINGTON (dpa-AFX) - Citigroup Inc. (C) said its fourth quarter net income declined 26% from the prior-year period, reflecting higher expenses, partially offset by higher revenues and lower cost of credit. The company noted that its results for the quarter included a pre-tax impact of approximately $1.2 billion related to the divestitures of Citi's consumer banking businesses in Asia. Revenues increased 1% from the prior-year period, primarily driven by strong growth in Investment Banking in the Institutional Clients Group and higher revenues in Corporate / Other, partially offset by lower revenues across regions in Global Consumer Banking.
Adjusted earnings per share was $1.99 compared to $1.92, last year, an increase of 4%. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37, for the quarter. Analysts' estimates typically exclude special items.
Fourth quarter net income was $3.2 billion, or $1.46 per share, compared to $4.3 billion, or $1.92 per share, last year.
Fourth quarter revenues were $17.0 billion compared to $16.8 billion, a year ago. Analysts on average had estimated $16.77 billion in revenue. Operating expenses were $13.5 billion, up 18%. Excluding the impact of Asia divestitures, expenses increased 8%.
Shares of Citigroup were down 3% in pre-market trade on Friday.
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