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Citigroup Slips as Expenses Surge, Consumer Banking Revenue Falls

By Dhirendra Tripathi AiVIF.com – Citigroup stock (NYSE:C) fell 2.2% on Friday as higher expenses and weakness at its consumer banking unit pushed fourth-quarter profit to...
Citigroup Slips as Expenses Surge, Consumer Banking Revenue Falls © Reuters.

By Dhirendra Tripathi

AiVIF.com – Citigroup stock (NYSE:C) fell 2.2% on Friday as higher expenses and weakness at its consumer banking unit pushed fourth-quarter profit to fall short of estimates while revenue just about beat expectations.

Chief Executive Officer Jane Fraser took over the reins of the Wall Street bank in March and has since embarked on a strategy refresh that will eventually see the lender exit consumer banking operations in as many as 13 countries, mostly in Asia. It has so far sewn up deals with buyers for that business in seven countries.

As per the latest announcement, not part of the previous plan, the bank said it will exit consumer, small business and middle market banking in Mexico.

Total revenue increased 1% from a year earlier to $17 billion. On the other hand, expenses soared 18% to top $13 billion owing to charges related to the withdrawals and the bank's higher investments in technology and efforts to improve its control systems.

Net income of $3.2 billion decreased 26% from the prior-year period, reflecting higher expenses, partially offset by higher revenue and a lower cost of credit. Results for the quarter included a pre-tax impact of approximately $1.1 billion (after taxes) related to those divestitures, the bank said.

Including the impact of costs stemming from Asia divestitures, the bank’s earnings per share were 24% lower at $1.46. Excluding that, EPS rose 4% to $1.99, reflecting the reduction in share count because of buybacks.

The bank's global consumer banking revenue dropped 6% to $7 billion, hurt by a 3% drop in revenue from Citi credit cards in North America as more customers opted to pay their outstanding balances.

Investment banking stood out as revenue from the operations, riding on heightened capital market activity, soared 43% to $1.8 billion. More customers sought the bank’s advice on IPOs and M&As.

Markets revenue fell 11% to $4 billion after a record 2021 for equities. Fixed income markets revenue fell 20%, pulled down by rising government bond yields and volatility in credit and currency markets.

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18-01-2022 11:56:03 (UTC+7)

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 EUR/USD1.1334Neutral
 GBP/USD1.3585↑ Buy
 USD/JPY114.63Sell
 AUD/USD0.7186↑ Buy
 USD/CAD1.2540Neutral
 EUR/JPY129.92↑ Buy
 EUR/CHF1.0394↑ Buy
 Gold1,813.75↑ Buy
 Silver23.512↑ Buy
 Copper4.3975Neutral
 Crude Oil WTI84.64↑ Buy
 Brent Oil87.29↑ Buy
 Natural Gas4.325↑ Sell
 US Coffee C239.20Neutral
 Euro Stoxx 504,257.65↑ Sell
 S&P 5004,596.00↑ Buy
 DAX15,773.09↑ Sell
 FTSE 1007,566.20↑ Sell
 Hang Seng24,112.78↑ Buy
 Small Cap 20002,114.80Neutral
 IBEX 358,780.74↑ Sell
 BASF67.935↑ Sell
 Bayer52.06Neutral
 Allianz225.90↑ Sell
 Adidas255.00↑ Sell
 Lufthansa7.135↑ Sell
 Siemens AG142.64↑ Sell
 Deutsche Bank AG11.960↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
Cập nhật 18-01-2022 11:56:05
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ↀ Giá vàng thế giới
$1,813.81-5.52-0.30%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$84.56-0.91-1.09%
Brent$86.77-0.68-0.79%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.560,0022.870,00
EUR25.241,6226.656,50
GBP30.202,2531.491,85
JPY191,95203,20
KRW16,5120,11
Cập nhật lúc 18:54:36 18/01/2022
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