Citigroup Inc. C 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.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.