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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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27-01-2022 04:13:17 (UTC+7)

EUR/USD

1.1199

-0.0039 (-0.34%)

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EUR/USD

1.1199

-0.0039 (-0.34%)

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GBP/USD

1.3424

-0.0037 (-0.28%)

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Sell

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USD/JPY

115.00

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AUD/USD

0.7087

-0.0027 (-0.38%)

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USD/CAD

1.2680

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EUR/JPY

128.79

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EUR/CHF

1.0381

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

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DAX

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23,807.00

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1,971.72

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8,631.28

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68.070

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52.08

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Adidas AG

241.68

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7.024

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Siemens AG Class N

138.88

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11.920

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 EUR/USD1.1199↑ Sell
 GBP/USD1.3424Sell
 USD/JPY115.00↑ Buy
 AUD/USD0.7087Sell
 USD/CAD1.2680Buy
 EUR/JPY128.79↑ Buy
 EUR/CHF1.0381↑ Buy
 Gold1,813.85↑ Buy
 Silver23.293Neutral
 Copper4.4682↑ Sell
 Crude Oil WTI87.03↑ Sell
 Brent Oil88.38↑ Sell
 Natural Gas4.096↑ Buy
 US Coffee C238.13↑ Sell
 Euro Stoxx 504,131.35Sell
 S&P 5004,349.93↑ Buy
 DAX15,327.34↑ Buy
 FTSE 1007,478.04↑ Sell
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,971.72Neutral
 IBEX 358,631.28↑ Buy
 BASF68.070↑ Buy
 Bayer52.08Buy
 Allianz225.85Buy
 Adidas241.68↑ Sell
 Lufthansa7.024Neutral
 Siemens AG138.88↑ Sell
 Deutsche Bank AG11.920Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(5/ -5) # 1,255
SJC HCM6,190/ 6,250
(10/ 5) # 1,270
SJC Hanoi6,190/ 6,252
(10/ 5) # 1,272
SJC Danang6,190/ 6,252
(10/ 5) # 1,272
SJC Nhatrang6,190/ 6,252
(10/ 5) # 1,272
SJC Cantho6,190/ 6,252
(10/ 5) # 1,272
Cập nhật 27-01-2022 04:13:19
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ↀ Giá vàng thế giới
$1,814.89-7.26-0.40%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.47+0.410.47%
Brent$88.30+0.240.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
Cập nhật lúc 16:04:52 27/01/2022
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