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Citigroup profit falls on provision hike, dealmaking slowdown

Saturday, January 14, 2023
Citigroup profit falls on provision hike, dealmaking slowdown © Reuters. Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, U.S. October 11, 2020. Picture taken October 11, 2020. REUTERS/Nick Zieminski
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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.

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24-03-2023 22:24:48 (UTC+7)

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    EUR/USD 1.0745 ↑ Sell  
    GBP/USD 1.2215 ↑ Sell  
    USD/JPY 130.46 ↑ Buy  
    AUD/USD 0.6635 ↑ Sell  
    USD/CAD 1.3785 ↑ Sell  
    EUR/JPY 140.18 Buy  
    EUR/CHF 0.9876 Buy  
    Gold 1,995.25 ↑ Sell  
    Silver 23.407 ↑ Sell  
    Copper 4.0575 ↑ Sell  
    Crude Oil WTI 68.43 ↑ Buy  
    Brent Oil 74.24 ↑ Buy  
    Natural Gas 2.197 ↑ Buy  
    US Coffee C 178.50 Sell  
    Euro Stoxx 50 4,113.35 ↑ Sell  
    S&P 500 3,917.63 ↑ Sell  
    DAX 14,888.55 ↑ Sell  
    FTSE 100 7,375.17 Neutral  
    Hang Seng 19,915.68 Sell  
    Small Cap 2000 1,714.35 Neutral  
    IBEX 35 8,751.76 ↑ Sell  
    BASF 45.665 ↑ Sell  
    Bayer 55.22 Sell  
    Allianz 203.73 ↑ Sell  
    Adidas 140.52 ↑ Sell  
    Lufthansa 9.352 ↑ Sell  
    Siemens AG 139.94 ↑ Sell  
    Deutsche Bank AG 8.525 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,670/ 6,720
(10/ 10) # 1,031
SJC HCM6,665/ 6,735
(10/ 10) # 1,047
SJC Hanoi6,665/ 6,737
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SJC Danang6,665/ 6,737
(10/ 10) # 1,049
SJC Nhatrang6,665/ 6,737
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SJC Cantho6,665/ 6,737
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Cập nhật 24-03-2023 22:24:50
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Ngoại tệMua vàoBán ra
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GBP28.041,8629.237,51
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KRW15,7019,13
Cập nhật lúc 18:55:01 24/03/2023
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