Banking behemoth Citigroup Inc. (NYSE: C) on Friday said its fourth-quarter 2022 profit declined despite an increase in revenues. However, earnings topped the market’s projections.
Citigroup reported a net income of $2.5 billion, or $1.16 per share, for the fourth quarter of 2022, compared to $3.2 billion, or $1.46 per share, in the corresponding period of last year. The latest number beat the market’s forecast. Total revenues increased 6% annually to $18.0 billion and slightly exceeded estimates.
Check this space to read management/analysts’ comments on Citigroup’s Q4 2022 earnings
“One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders and I am pleased with the significant progress we have already made in terms of our Transformation, simplification, and strengthening our five interconnected businesses, some of which delivered excellent results this quarter,” said Citi’s CEO Jane Fraser.