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Citi shares rise as bank tops consensus estimates

Published 2024/01/12, 15:26
© Reuters.

Citigroup (C) shares jumped more than 2% premarket Friday on the back of its latest quarterly results, which saw the company top the analyst consensus estimate.

Citi shares are trading at $53.19 per share as of 08:20 am ET.

The bank reported Q4 adjusted EPS of $0.84, $0.75 better than the analyst estimate of $0.09, while revenue for the quarter came in at $17.4 billion versus the consensus estimate of $18.88 billion.

Citi noted that its results were impacted by several notable items, including the expenses associated with the FDIC special assessment of approximately $1.7 billion pre-tax and a reserve build of $1.3 billion associated with transfer risk in Russia and Argentina.

In addition, revenues were impacted by divestiture-related impacts and the pre-tax impact of the Argentina devaluation.

While the fourth quarter was very disappointing due to the impact of notable items, we made progress simplifying Citi and executing our strategy in 2023," said Citi CEO Jane Fraser.

She added that 2024 "will be a turning point" as the bank will be able to focus on the performance of its five businesses and its transformation.

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