Bonds, mortgages fall as Citi misses expectations
January 17, 2014, 12:09 am TWN
NEW YORK--Citigroup reported fourth-quarter results that fell short of analysts' expectations as its bond and mortgage businesses weakened.
The miss came even as Citi's earnings increased 21 percent in the fourth quarter. Citi's stock fell 3 percent in pre-market trading.
The New York bank earned US$2.6 billion in the last three months of 2013 versus US$2.15 billion in the same period a year ago. The earnings were equivalent to 82 cents per share, less than the 95 cents per share expected by analysts polled by FactSet. The bank earned 69 cents per share in the year-ago period.
The latest figures exclude an accounting loss and the sale of a credit card unit in Brazil. Revenue fell 2 percent to US$17.9 billion. That also missed the US$18.2 billion predicted by analysts.