Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown

[Epoch-Times-Bot]

Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown

Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.
Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth quarter, compared with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.
“Our base case is still a mild recession in the latter part of 2023,” Chief Financial Officer Mark Mason said on a media call, adding consumer and corporate balance sheets remain strong and core inflation “appears to be very sticky.”...

Source: Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown

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