Citigroup Inc. it said on Friday that its fourth-quarter revenue fell 7% and that it withdrew from reserves it had set aside to cover potentially acid loans.
The New York Bank said earnings fell to $ 4.63 billion, or $ 2.08 a share, from $ 4.98 billion, or $ 2.15 a share, a year earlier. That exceeded the $ 1.34 expected by analysts surveyed by FactSet.
Revenues fell 10% to $ 16.5 billion, below the expected level of $ 16.72 billion.
For all of 2020 – a year of economic turmoil – profits at the nation’s third-largest bank by assets fell 41 percent to $ 11.37 billion and revenues were fixed at $ 74.3 billion. of dollars. Like its big banks, Citigroup has enjoyed strong results from its Wall Street operations, but this has been offset by billions of dollars it had to allocate to potentially underperforming loans.
As a sign that its outlook for the economy has improved, Citigroup withdrew $ 1.5 billion from its reserves for future loan losses, an important reason why the bank’s profit was better than expected. .