Citigroup profit falls but beats Wall Street target; shares fall

Citigroup Inc. C, +0.74% said Friday its fourth-quarter nett income fell to $3.17 billion, oregon $1.46 a share, from $4.3 billion, oregon $1.92 a share, successful the year-ago period. Revenue accrued to $17 cardinal from $16.8 billion. The New York-based slope bushed the Wall Street targets of $1.39 successful net connected gross of $16.85 billion, according to a survey by FactSet. Citi said it faced higher expenses, partially offset by higher gross and little outgo of credit. The latest 4th besides included a pre-tax interaction of astir $1.2 cardinal related to its antecedently announced divestiture of its user banking businesses successful Asia. Shares of Citi fell 3.6% successful premarket trades. So acold successful 2022, shares of Citigroup are up 12.2%, outperforming the nonaccomplishment of 2.3% by the S&P 500 arsenic of Thursday's close.