(RTTNews) - Citigroup Inc.'s (C) decline in fourth-quarter net profit reflects higher expenses, including $1.2 billion pre-tax charge related to the sale of its AO Citibank in Russia.
Excluding the Russia-related notable item, net income was $3.59 billion or $1.81 per share.
Currently, in the premarket session, Citigroup shares are at $117.96, up 1.28 points or $1.31 percent.
The company's profit totaled $2.47 billion, or $1.19 per share, lower than $2.85 billion, or $1.34 per share reported last year.
Analysts on average had expected the company to earn $1.62 per share. Analysts' estimates typically exclude special items.
Fourth-quarter revenue stood at $19.87 billion up 2.1% from last year, driven by growth in Banking, Services, USPB and Wealth. Excluding the Russia-related notable item, revenue was up 8%.
Citigroup's end-of-period deposits were around $1.4 trillion at quarter end, up 9% versus the prior-year period. Citigroup's end-of-period loans were $752 billion at quarter end, up 8% versus the prior-year period.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
