FRIDAY: Citigroup Inc. has released its first Q financial report where the profit has plunged by 27% due to a collapse in TRADING and investment banking.
UPDATE: WEDNESDAY: Citigroup was the only largest bank in the U.S. to get a passing grade over its so-called living will – a regulatory test where banks have to show how they would unwind themselves in a crisis (source: Market Watch).
An exact estimated profit reported by New-York based bank is nearly $3.5 billion, i.e. $1.10/share – bearish in comparison to $4.77 billion, i.e. $1.51/share in the same time period of year 2015.However, the figures have astonished Thomson Reuters’ analysts who have had expected $1.03. Profit at the consumer bank plunged 28%, with the biggest collapse in Latin America. Firmwide expenses were bearish worth 3% from $10.88 billion to $10.52, a year earlier.
As for revenue, it yielded a bear track worth 11% from $19.74 billion to $17.56 billion a year prior. But that too had overtaken estimates laid forward by analysts; i.e. $17.46 billion.Trading revenue (without an accounting adjustment), dropped 13% from $4.351 billion to $3.791 billion, a year ago– way better than the 15% plunge the bank had been forecasting in March 2016.On the other hand, investment banking revenue was bearish worth 27% from $1.20 billion to $875 million, a year ago – adverse than the 25% plunge the bank had been forecasting in March 2016.
Exclusive data deduced by Market Watchers have revealed bank’s shares to have been trading bullish with 2.2% during PREMARKET TRADE. Not to mention, the shares are bearish worth 13% in 2016 – adverse than 8% plunge in the KBW Nasdaq index of bank stocks over the same time duration.
INSIGHT: Last year, Citigroup remarked its greatest yearly profit in nearly a decade and its lowest yearlyexpenditure scale in more than a decade.