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Citigroup misses profit estimates on provision hike, dealmaking slowdown

14 Tháng Giêng 2023
Citigroup misses profit estimates 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

By Mehnaz Yasmin and Carolina Mandl

(Reuters) -Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.

Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth quarter, compared with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.

On an adjusted basis, Citi earned $1.10 per share for the fourth quarter ended Dec. 31, falling below estimates of $1.14 a share, according to Refinitiv.

The U.S. Federal Reserve last year raised its interest rate by 425 basis points from the near-zero level to tame inflation, raising fears of an economic downturn, and thus, forcing many firms to forecast slower growth in revenue and profit.

The Fed's tightening helped Citi post a 61% surge in net interest income by charging higher interests on loans to customers.

Still, the U.S. central bank's aggressive stance, coupled with the war in Ukraine and growing economic uncertainties, roiled financial markets and slowed dealmaking activity last year. This saw Citi's investment banking revenue plunge 58%.

Meanwhile, elevated market volatility led traders reposition their portfolios, helping Citi's markets business and driving a 6% rise in the bank's revenue to $18 billion.

"Markets had the best fourth quarter in recent memory," said Citi Chief Executive Officer Jane Fraser.

Under Fraser, the bank exited some overseas markets to boost its stock valuation and profitability versus peers, while improving its risk controls as required by regulators.

"Citi achieved its target of 13.0% Tier 1 common equity faster than expected, as the bank had guided to reach this target in the middle of 2023," said Jason Benowitz, associate partner and senior portfolio manager at CI Roosevelt.

He said they believe the faster-than-expected achievement of Tier 1 common equity target may enable the bank resume its share repurchase program earlier, which would be a positive catalyst for Citi shares.

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21-02-2024 06:34:48 (UTC+7)

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 EUR/USD1.0810Sell
 GBP/USD1.2625↑ Buy
 USD/JPY149.91↑ Sell
 AUD/USD0.6551Neutral
 USD/CAD1.3523↑ Buy
 EUR/JPY162.06↑ Sell
 EUR/CHF0.9534Sell
 Gold2,035.35↑ Sell
 Silver23.043↑ Buy
 Copper3.8632↑ Buy
 Crude Oil WTI77.28↑ Buy
 Brent Oil82.57Buy
 Natural Gas1.695Neutral
 US Coffee C188.03↑ Buy
 Euro Stoxx 504,759.75↑ Sell
 S&P 5004,975.51↑ Buy
 DAX17,068.43Sell
 FTSE 1007,719.21↑ Buy
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 Allianz249.40Sell
 Adidas181.12↑ Buy
 Lufthansa7.339↑ Buy
 Siemens AG168.72Neutral
 Deutsche Bank AG11.954↑ Sell
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SJC Eximbank7,550/ 7,750
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