Citi 4Q profit misses forecasts

Published on NewsOK Modified: January 16, 2014 at 3:39 pm •  Published: January 16, 2014
Advertisement
;

NEW YORK (AP) — Citigroup's fourth-quarter profit fell short of analysts' expectations as its bond and mortgage businesses weakened.

The bank said Thursday it earned $2.60 billion, after stripping out the effects of an accounting charge. Per share, that amounted to 82 cents, falling short of the 95 cents that analysts expected.

Citi's stock fell nearly 4 percent in late morning trading.

Revenue, excluding adjustments, slipped 2 percent to $17.9 billion, short of the $18.2 billion Wall Street predicted.

Still, the bank's adjusted net income for the quarter was up 21 percent from a year earlier.

"Although we didn't finish the year as strongly as we would have liked, we made substantial progress toward our key priorities in 2013," said Michael Corbat, Citigroup's CEO said in a statement.

Like rivals JP Morgan, Bank of America and Wells Fargo, who reported earlier this week, Citigroup's home loan business has been hurt by rising interest rates. The three other banks reported double-digit declines in their mortgage operations for the fourth quarter. All three expect a further slowdown this year.

Continue reading this story on the...