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Author: Alan LittleDate: 2021-01-18

Citigroup (C) down 7% on Friday as Q4 earnings season begins

Citigroup (C) kicked off the latest US earnings season on Friday with a mixed report that included a revenue slump, as the bank’s shares closed 7% lower on the New York Stock Exchange.

Citigroup said that group revenues for the three months to 31st December 2020 were $16.5bn, which was $200m short of the Wall Street consensus and a 10.3% drop from a year earlier.

There was better news on the earnings front as the $2.09 per share figure for the same period was 59.5% higher year over year and comfortably ahead of the $1.31 forecasts.

CEO Michael Corbat said that the “strength and durability” of the franchise meant that it ended the full calendar year with flat revenues, despite the “massive” impact of the pandemic.

He added: “For the year, we generated $11 billion in net income despite our credit reserves increasing by $10 billion as a result of the pandemic and the impact of CECL.”

The revenue decline dominated the narrative for investors on Friday though, and Citigroup went into the red after the morning bell and eventually gave back 6.93% for a new $64.23 share price.

JPMorgan (JPM) also posted its Q4 report at the end of last week and it was an impressive showing overall as earnings and revenue increased.

The Citigroup rival said that investment banking revenue jumped 37% to $2.5bn, while its fixed income division also thrived ($4bn).

JPM traded lower on the NYSE though as shares retreated 1.79% to $138.64.

Earnings will be coming thick and fast during the coming weeks.

Netflix (NFLX) is set to report before Friday’s close, while Apple (AAPL), Alphabet (GOOGL) and Facebook (FB) will all disclose financial updates before the end of January.

 

 

Source:

http://bit.ly/3nOaqBO

http://cnb.cx/3oYWvKv

http://bit.ly/3bPJW0g

http://bit.ly/2XRTgZm

https://bit.ly/3qtJl8x

 

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