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15 Jan 2021 | 15:50

Citigroup's shares slide as Q4 revenues miss analysts' estimates

(Sharecast News) - US banking giant Citigroup's revenues fell short of analysts' estimates in the last quarter of 2020. During the fourth quarter, the lender's net income fell 7% from a year ago to $4.63bn for adjusted earnings per share of $2.08, down 3%.

That compared to EPS of $2.15 for the comparable year ago period and analysts' estimates for $1.34.

Citi blamed lower revenues, together with higher costs and taxes for the drop in profits, although lower credit costs acted as a partial offset.

Revenues slid 10% to $16.5bn, against a median consensus estimate of $16.7bn, according to FactSet.

Falling revenues were seen across most of its business arms, including global consumer banking, institutional clients and corporate banking.

Full-year revenues on the other hand were flat, Citi's chief executive officer, Michael Corbat, pointed out, despite the fallout from the Covid-19 pandemic.

Equity underwriting was a bright spot in the firm's results, rising by 83% versus a year ago to $438m, although those from mergers and acquisitions and debt underwriting declined.

As of 1731 GMT, Citigroup shares were down 5.98% to $64.88.
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