(Reuters) - Citigroup Inc fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals.
The third-largest U.S. bank by assets reported net income of $1.16 billion, or 38 cents per share, down from $1.31 billion, or 43 cents per share, a year earlier.
Analysts, on average, expected 49 cents a share, according to surveys by Thomson Reuters I/B/E/S. CITIGROUP (C.NY)stock dropped 3 percent in premarket trading after the results.
Citi said securities and banking revenue fell 29 percent from the year-earlier quarter, excluding the accounting impact of changes in the value of Citi debt.
The profit drop came in spite of an improvement in the cost for bad loans, which fell nearly $2 billion, or 41 percent, to $2.9 billion.
(Reporting by David Henry in New York; editing by John Wallace)
Relacionados
- Fardow es una "escalada en la violación de las obligaciones nucleares"
- Irán.- EEUU considera que Fardow representa una "escalada en la violación de las obligaciones nucleares" de Irán
- Fútbol.- Roque Santa Cruz: "No tengo la más mínima intención de salir, tengo obligaciones con el Betis y estoy contento"
- El Gobierno de La Rioja rescindirá el contrato con 'Aser' en la Residencia de Albelda "si no cumple sus obligaciones"
- Arenas critica que "ya le están endosando" al "Gobierno del cambio" facturas pendientes y obligaciones de pago
