: Citi net income falls but beats target, shares dip

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Citigroup Inc. C, +1.69% shares fell 2.4% in premarket trades on Friday after the bank posted lower profit. Fourth-quarter net income fell to $2.5 billion, or $1.16, from $3.2 billion, or $1.46 a share, in the year-ago quarter. Analysts were looking for earnings of $1.14 a share, according to a survey by FactSet. Revenue increased 6% to $18.0 billion, slightly above the analyst estimate of $17.96 billion. Excluding divestments, revenue rose 5%, as the impacts of higher interest rates across businesses and the strong loan growth in U.S. personal banking were partially offset by a decline in investment banking and lower investment product revenue in global wealth management as well as impacts from the exited markets.

This article was originally published by Marketwatch.com. Read the original article here.

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