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Citigroup Q4 Earnings Top Estimates, Returns Capital to Shareholders
[Photo: CItigroup Center in Chicago, by Tony Webster / Wikimedia Commons]
Strong 4th quarter trading (like at most other big banks) helped boost Citigroup earnings to $3.6 billion, slightly above estimates. Revenue of $17 billion, however, fell just short of analyst expectations. The bank also announced that, during the quarter, it returned $4.7 billion of capital to shareholders – to shrink its balance sheet.
Markets revenue, which includes Citi's bond- and stock-trading units, climbed 24% to just over $4 billion.
For all of 2016, Citigroup's net income fell by 14%, reflecting the abysmal start to the year when markets swooned on investor concerns about a potential Chinese currency devaluation and the possibility of a spate of oil-industry bankruptcies.
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