Tuesday, April 7, 2020

Citigroup again with billions in profit

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
Year over year, pre-tax profits increased 3 percent to just over $ 23 billion, the American banking giant Citigroup bank said late Monday in New York. Income increased 1 percent to just under $ 73 billion.

The result was somewhat weaker than experts had expected, mainly due to the weak bond business.

 

The stock price fell in pre-market trading by about 0.3 percent, but kept better than the overall market.

The bottom line was $ 18 billion in profits, down $ 7 billion in 2017, when losses of just over $ 22 billion were incurred in connection with President Donald Trump’s tax reform.

Since Trump lowered the tax rates for companies significantly, the bank had the end of 2017 write off the value of so-called loss carry-forwards from the financial crisis.

For the fourth quarter, the bank reported owning a surplus of 4.3 billion dollars. In the same period last year, the Institute had retracted a loss of $ 18.9 billion because of one-off charges from the US tax reform.

Revenue in the fourth quarter, however, fell by two percent to $ 17.12 billion. Analysts had expected an average of $ 17.55 billion.

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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