CitiGroup shares stand at 48.80, down 0.63% pre-market.
Michael Corbat, Chief Executive Officer of Citigroup assured investors of yearly profits saying, “For the first time since its establishment, Citi Holdings was profitable for the full year and we accelerated the utilization of our deferred tax assets.” However, earnings were reported as net income for the fourth quarter 2014 of $350 million, or $0.06 per diluted share, on revenues of $17.8 billion. This compared to net income of $2.5 billion, or $0.77 per diluted share, on revenues of $17.8 billion for the fourth quarter 2013. Legal and related expenses and repositioning charges totaled $3.5 billion in the current quarter, compared to $1.0 billion in the prior year period.
Forecast: earnings per share of 9.0 cents on $18.51 billion in revenue (Thomson Reuters).
Actual: earnings per share of 6.0 cents on $17.8 billion in revenue.
Corbat noted advances to 2013 earnings, saying, “While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities. During the year, we increased our market share among our target institutional clients, grew our core loan book, and improved both our net interest revenue and margin from 2013 levels.” Fourth quarter 2013 earnings were $0.06 per diluted share, compared to prior year earnings of $0.82 per diluted share.
Citigroup full year 2014 net income was $7.3 billion on revenues of $76.9 billion, compared to net income of $13.7 billion on revenues of $76.4 billion for the full year 2013.
MT4 chart: CitiGroup
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