Citigroup's shares slide as Q4 revenues miss analysts' estimates
US banking giant Citigroup's revenues fell short of analysts' estimates in the last quarter of 2020.
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.
Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.