Citigroup's Q4 profit
Source: Agencies |
January 19, 2011, Wednesday
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Print Edition
Print Edition
CITIGROUP yesterday reported fourth-quarter net income of US$1.3 billion after it recorded fewer losses from loans, allowing it to take money out of reserves it keeps aside for such loans.
However, the volatile fixed-income market - pressured by the bailout of Ireland and falling bond prices - cut earnings at the New York bank.
Citigroup's result fell short of analysts' estimates. On a per share basis, Citigroup's earnings amounted to 4 US cents a share, while analysts surveyed by FactSet were looking for 7 cents a share.
The results were an improvement from the loss of US$7.6 billion, or 33 cents a share, posted in the same quarter of 2009. Citigroup posted fourth-quarter revenue of US$18.37 billion, up from US$5.4 billion a year ago.
For the year, it reported a profit of US$10.6 billion on revenue of US$86.6 billion. It's the first year the bank saw an annual profit since 2007.
However, the volatile fixed-income market - pressured by the bailout of Ireland and falling bond prices - cut earnings at the New York bank.
Citigroup's result fell short of analysts' estimates. On a per share basis, Citigroup's earnings amounted to 4 US cents a share, while analysts surveyed by FactSet were looking for 7 cents a share.
The results were an improvement from the loss of US$7.6 billion, or 33 cents a share, posted in the same quarter of 2009. Citigroup posted fourth-quarter revenue of US$18.37 billion, up from US$5.4 billion a year ago.
For the year, it reported a profit of US$10.6 billion on revenue of US$86.6 billion. It's the first year the bank saw an annual profit since 2007.
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