Citigroup's Dip In Q4 Profit Reflects Russia Exit Charges - Update

Citigroup

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(RTTNews) - Citigroup Inc.'s (C) decline in fourth-quarter net profit reflects higher expenses, including $1.2 billion pre-tax charge related to the sale of its AO Citibank in Russia.

Excluding the Russia-related notable item, net income was $3.59 billion or $1.81 per share.

Currently, in the premarket session, Citigroup shares are at $117.96, up 1.28 points or $1.31 percent.

The company's profit totaled $2.47 billion, or $1.19 per share, lower than $2.85 billion, or $1.34 per share reported last year.

Analysts on average had expected the company to earn $1.62 per share. Analysts' estimates typically exclude special items.

Fourth-quarter revenue stood at $19.87 billion up 2.1% from last year, driven by growth in Banking, Services, USPB and Wealth. Excluding the Russia-related notable item, revenue was up 8%.

Citigroup's end-of-period deposits were around $1.4 trillion at quarter end, up 9% versus the prior-year period. Citigroup's end-of-period loans were $752 billion at quarter end, up 8% versus the prior-year period.