Citi releases Q4 results
15 January 2019 New York
Image: Shutterstock
Citi has reported net income for the Q4 2018 of $4.3 billion on revenues of $17.1 billion.
This is compared to a net loss of $18.9 billion on revenues of $17.5 billion for the Q4 2017.
Q4 2017 included a one-time, non-cash charge of $22.6 billion recorded in the tax line related to the enactment of the Tax Cuts and Jobs Act (Tax Reform).
Excluding the one-time impact of Tax Reform in both the current and the prior-year periods, net income of $4.2 billion increased 14 percent, primarily driven by a reduction in expenses, lower cost of credit and a lower effective tax rate, partially offset by lower revenues.
On this basis, earnings per share of $1.61 increased 26 percent from $1.28 per diluted share in the prior-year period, driven by the growth in net income and an eight percent reduction in average diluted shares outstanding.
For the full year of 2018, Citigroup reported net income of $18.0 billion on revenues of $72.9 billion, compared to a net loss of $6.8 billion on revenues of $72.4 billion for the full year of 2017.
Excluding the one-time impact of Tax Reform, Citigroup net income of $18.0 billion increased 14 percent compared to the prior year.
This is compared to a net loss of $18.9 billion on revenues of $17.5 billion for the Q4 2017.
Q4 2017 included a one-time, non-cash charge of $22.6 billion recorded in the tax line related to the enactment of the Tax Cuts and Jobs Act (Tax Reform).
Excluding the one-time impact of Tax Reform in both the current and the prior-year periods, net income of $4.2 billion increased 14 percent, primarily driven by a reduction in expenses, lower cost of credit and a lower effective tax rate, partially offset by lower revenues.
On this basis, earnings per share of $1.61 increased 26 percent from $1.28 per diluted share in the prior-year period, driven by the growth in net income and an eight percent reduction in average diluted shares outstanding.
For the full year of 2018, Citigroup reported net income of $18.0 billion on revenues of $72.9 billion, compared to a net loss of $6.8 billion on revenues of $72.4 billion for the full year of 2017.
Excluding the one-time impact of Tax Reform, Citigroup net income of $18.0 billion increased 14 percent compared to the prior year.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
