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Citi Q4'18 profit exceeds analyst estimates

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Citi Q4'18 profit exceeds analyst estimates

Citigroup Inc. posted fourth-quarter 2018 net income of $4.31 billion, or $1.64 per share, compared to a net loss of $18.89 billion, or a loss of $7.38 per share, a year earlier.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the 2018 fourth quarter was $1.55.

The company's recent results included a one-time benefit of $94 million, or 3 cents per share, due to the tax reform.

Excluding the impact of the tax reform, the company's adjusted net income applicable to common shareholders was $3.91 billion, or $1.61 per share, compared to the year-ago figure of $3.38 billion, or $1.28 per share.

Citi CEO Michael Corbat said the volatility of the recent quarter affected some of the company's market-sensitive businesses, including its fixed income business, which was down 21% year over year to $1.94 billion.

The company also reported end-of-period loans of $684 billion, up from $667 billion a year ago. Meanwhile, end-of-period deposits were $1.013 trillion, up from $960 billion a year earlier.

For full year 2018, net income was $18.05 billion, or $6.68 per share, compared to a net loss of $6.80 billion, or $2.98 per share.