Citigroup reported fourth-quarter earnings that surpassed analysts’ estimates.
The bank’s earnings fell -7% year-over-year to $4.63 billion -- or $2.08 a share, compared with the $1.34 a share expected by analysts surveyed by Refinitiv.
Revenue decreased -10% from the prior year quarter to $16.5 billion, slightly below analysts’ expectation of $16.7 billion.
The bank released $1.5 billion in reserves for credit losses, an amount that’s larger than analysts had expected. In the third quarter it has reserve of $436 million. The year-ago reserve was $253 million. Credit costs were more than $2 billion less than a year earlier.