Earnings season shock: Citigroup reports loss in Q4 financial results

January 12, 2024 05:17 AM PST | By Invezz

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Citigroup Inc on January 12th reported a net loss of $1.8 billion for Q4 2023, with 2023 net income at $9.2 billion YoY.

In comparison, net income for the bank was at $3.5 billion in Q3 2023. This was below market expectations that the banking giant would report a revenue of $18.88 billion, quarter-on-quarter.

Year-on-year, this net income represented a $5.6 billion loss from its $14.8 net income YoY for FY2022.

Its common dividend was at a total of $1.16 per diluted share, paid out in common dividends and share repurchases, remaining flat compared to Q3’s $1.5 billion, or $1.63 per diluted share, the company said in a statement.

Revenue was $18.0 billion, down rom $20.1 billion in 2023’s third quarter. YoY, overall, revenue decreased three percent compared to 2022’s $75.3 billion.

Net credit losses were $71 million in Q4 2023, up significantly from $28 million in Q3. Overall operating expenses were, on the other hand, down from $1,22 million in Q3 to $1,15 million on Q4.

Citigroup’s total cost of credit was $185 million in Q4, compared to just $62 million in Q3.

The shares of the company were trading at $51,84 at markets opening on Friday. Market sentiment was generally bullish ahead of the results, however, overall its share price was down some 1.7 percent overall in the morning hours leading up to the release.

The post Earnings season shock: Citigroup reports loss in Q4 financial results appeared first on Invezz

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