Jane Fraser speaks through the Milken Institute World Convention in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Kyle Grillot | Bloomberg through Getty Photographs
Citigroup reported its fourth-quarter earnings Wednesday morning forward of Wall Avenue’s opening bell, beating estimates on the highest and backside traces.
Shares of the financial institution rose greater than 2% in premarket buying and selling.
Right here is how the corporate did relative to LSEG analyst consensus estimates:
- Earnings: $1.34 a share, vs $1.22 anticipated
- Income: $19.58 billion, vs $19.49 billion anticipated
Citi’s internet earnings was $2.86 billion from the quarter, an enchancment from a internet lack of $1.84 billion a yr in the past. 12 months-over-year comparisons for fourth quarter earnings metrics could also be sophisticated by charges Citi booked within the closing interval of 2023.
The financial institution reported progress throughout a number of completely different enterprise items through the fourth quarter. Markets income jumped 36% yr over yr, with each the mounted earnings and fairness companies rising. Income for the wealth and providers unites climbed 20% and 15%, respectively, yr over yr.
Banking income grew 12%, and that expanded to 27% when together with the impression of mortgage hedges.
“2024 was a essential yr and our outcomes present our technique is delivering as meant and driving stronger efficiency in our companies. Our internet earnings was up practically 40% to $12.7 billion and we exceeded our full-year income goal, together with document years in Companies, Wealth and U.S. Private Banking,” CEO Jane Fraser stated in a press launch.
On the analyst name later Wednesday, traders will even be in search of progress updates about Fraser’s turnaround efforts. Fraser took over the financial institution in March 2021 and has targeted on slimming down the corporate, together with promoting off some worldwide items.
Citi’s inventory was a robust performer in 2024, rising practically 37% on the yr. The inventory was up greater than 4% to this point this yr coming into Wednesday.
