Citigroup profit falls on provision hike, dealmaking slowdown

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(Reuters) -Citigroup Inc reported a fall in fourth-quarter profit on Friday, as the bank hiked provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.

Shares of Citi slipped nearly 3% in premarket trading, after fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth quarter.

That compares with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.

Citi's investment banking revenue plunged 58% as merger and acquisition activity slowed dramatically last year, with companies shunning deals amid higher interest rates, the war in Ukraine and growing economic uncertainties.

However, traders took to portfolio repositioning in the face of elevated volatility, which boosted Citi's markets business. Revenue at Citi jumped 6% to $18 billion.

Net profit came in at $2.5 billion, or $1.16 per share, for the three months ended Dec. 31, compared with $3.2 billion, or $1.46 a share, a year earlier.