Citigroup Misses Q4 EPS by 4c By Investing.com

Bank Chaos Tests Traders’ Nerves and Rewards Those Doing Nothing

Citigroup Misses Q4 EPS by 4c

Jan 13, 2023 08:15

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(Updated - January 13, 2023 8:06 AM EST)

Citigroup (NYSE:C) reported Q4 EPS of $1.16, $0.04 worse than the analyst estimate of $1.20. Revenue for the quarter came in at $18 billion versus the consensus estimate of $17.91 billion.

Citi CEO Jane Fraser said, “One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders and I am pleased with the significant progress we have already made in terms of our Transformation, simplification and strengthening our five interconnected businesses, some of which delivered excellent results this quarter.

“With their revenues up 32%, Services delivered another excellent quarter, and we have gained significant share in both Treasury and Trade Solutions and Securities Services. Markets had the best fourth quarter in recent memory, driven by a 31% increase in Fixed Income, while Banking and Wealth Management were impacted by the same market conditions they faced throughout the year. Our cards businesses had double-digit revenue growth for the second straight quarter, and we continue to make progress on our international consumer exits, closing five sales to date.

“Over the course of 2022, we returned over $7 billion to our shareholders. We ended the year with a CET1 capital ratio of 13% and a tangible book value per share of $81.65. We intentionally designed a strategy that can deliver for our shareholders in different environments, and we are very much on track to reach the medium-term return targets we shared on Investor Day,” Ms. Fraser concluded.

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