Citigroup’s Quarterly Earnings Declining But Better Than Expectations

Citigroup’s profits declined 7% in Q4 of 2020, but were much better than Wall Street analysts’ expectations, as the improved economic outlook allowed it to release cash that it had previously allocated for bad loans.

The New York-based bank reported net profits of $4.63 billion, or $2.08 per share, down from $5 billion, or $ 2.15 per share, a year ago.

The average expectation was that the bank would make a net profit of $1.34 per share, according to Refinitiv data.

Bank-wide revenues also decreased by 10% to $ 16.5 billion, lower than estimates of $ 16.7 billion.