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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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21-02-2024 11:17:42 (UTC+7)

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EUR/USD

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    EUR/USD 1.0817 Sell  
    GBP/USD 1.2635 ↑ Buy  
    USD/JPY 149.90 ↑ Sell  
    AUD/USD 0.6568 Buy  
    USD/CAD 1.3511 Neutral  
    EUR/JPY 162.16 Buy  
    EUR/CHF 0.9526 Sell  
    Gold 2,042.00 ↑ Buy  
    Silver 23.192 Sell  
    Copper 3.8708 ↑ Sell  
    Crude Oil WTI 77.28 ↑ Sell  
    Brent Oil 82.62 ↑ Sell  
    Natural Gas 1.704 ↑ Sell  
    US Coffee C 188.03 ↑ Buy  
    Euro Stoxx 50 4,759.75 ↑ Sell  
    S&P 500 4,975.51 ↑ Buy  
    DAX 17,068.43 Sell  
    FTSE 100 7,719.21 ↑ Buy  
    Hang Seng 16,746.50 Neutral  
    Small Cap 2000 2,003.65 ↑ Buy  
    IBEX 35 10,038.20 Sell  
    BASF 46.045 ↑ Sell  
    Bayer 28.77 Neutral  
    Allianz 249.40 Sell  
    Adidas 181.12 ↑ Buy  
    Lufthansa 7.339 ↑ Buy  
    Siemens AG 168.72 Neutral  
    Deutsche Bank AG 11.954 ↑ Sell  
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SJC Eximbank7,630/ 7,800
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