Citigroup Inc
GAAP EPS loss was $(1.16), excluding the divestiture-related impacts.
Net credit losses for the fourth quarter were $1.99 billion, up 69% year-over-year.
Services revenue grew 6% Y/Y to $4.5 billion, mainly driven by higher net interest income across Treasury and Trade Solutions (TTS) and Security Services.
Markets revenue declined by 19% Y/Y to $3.4 billion, driven by a decline in Fixed Income.
Banking revenue increased 22% Y/Y to $949 million, driven by Investment Banking fees.
U.S. Personal Banking revenue grew 12% Y/Y to $4.9 billion, driven by higher net interest income.
Wealth revenue declined 3% Y/Y to $1.7 billion due to lower deposit spreads. All other revenue declined 17% Y/Y to $2 billion.
Net loss for the quarter was $(1.84) billion. Operating expenses stood at $16 billion, an increase of 23% Y/Y.
Total allowance for credit losses on loans was $18.1 billion, with a reserve-to-funded loans ratio of 2.66%, compared to $17.0 billion, or 2.60% of funded loans in 4Q22.
Citigroup's end-of-period loans were $689 billion at the quarter's end, up 5% Y/Y, mainly reflecting growth in U.S. Personal Banking.
Deposits were ~$1.3 trillion at quarter end, down 4% from the prior year, primarily due to a reduction in Services, reflecting quantitative tightening.
Citigroup's book value per share is $98.71 (+5% Y/Y), and tangible book value is $86.19 (+6% Y/Y) at quarter end.
Citigroup expected to cut 20,000 jobs in the "medium term" as it reported its worst quarter for 15 years, the Financial Times reports.
Outlook: Citigroup expected FY24 adjusted revenue of $80 billion - $81 billion vs. consensus $72.31 billion.
Price Action: C shares are trading higher by 2.47% at $53.37 on the last check Friday.
