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Citigroup earnings Q4 2018 miss revenue



Citigroup made quarterly sales, missing the analysts' estimates by half a billion dollars as bond trading revenues declined in a difficult December for markets.

.61 in earnings per share excluding one-off taxes on the US tax deduction and beat analysts' expectations at $ 1.55 on better than expected cuts in costs and losses on loans. per cent in the quarter thanks to lower costs, credit costs and a lower corporate tax rate.

At the beginning of December, Citigroup said that trading income is likely to fall from the previous year mid t in choppy markets, in particular, interest rates on fixed-price trades have fought during the gyrations in currencies and interest rates.

However, with a sharp decline in asset classes around the world, trading conditions worsened after the company's 5 December. Instructions. The bank's total trading income fell 14 percent, as the improvement in equity results was overwhelmed by the bond trader.

The revenue deficit meant that the bank missed a profit target of more than expected: Its operating efficiency for the year improved 86 basis points to 57.4 percent, missing the 100 basis point target given by the bank earlier this year. But it met expectations for the overall return: Citigroup generated 10.9 percent return on equity, exceeding its 10.5 percent goal.

Another focus on Citigroup, the third largest US lender of assets, will be on some guidance CEO Michael Corbat or CFO John Gerspach will provide revenue and growth expectations for 2019 and beyond. Recently, Apple companies to Starbucks have lowered expectations for the year based on signs of a global downturn in profits.

Gerspach retires in March to be replaced by Mark Mason, CFO of the bank's institutional client group. The company blended other executives across its scattered operations last year due to its disappointing share. It includes the readout of Global Credit Card Manager Judson Linville.

Citigroup shares fell less than 1 percent in Monday's market business. Shares in the bank declined 30 percent last year, worse than 20 percent fall in the KBW Bank Index, about concerns the bank's international operations could expose to fighting in emerging markets and the US and China trade war.

Here's what Wall Street expected:

  • Earnings: $ 1.55 pr. share, an increase of 21 percent from the previous year, according to Refinitiv
  • Revenue: DKK 17.6 billion. dollars, an increase of 2.2 per cent from the previous year
  • Trading income: Fixed income: 2.3 billion. , Shares: $ 664.5m According to FactSet
  • Efficiency: 57.6 for the quarter.

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