Citigroup (NYSE:C) just reported fourth-quarter earnings that beat expectations, but missed on revenue.
The firm reported earnings per share of $1.14 on revenue of $17.01 billion for the quarter.
Analysts were expecting adjusted earnings per share of $1.12 on revenue of $17.26 billion, according to Bloomberg. It was initially unclear whether the earnings Citi reported were adjusted.
"We had a strong finish to 2016, bringing momentum into this year," CEO Michael Corbat said in a statement.
"We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm."
Here's the break-down by business:
- Trading revenues missed analyst expectations, coming in at $3.26 billion ($3.44 billion expected), excluding debt valuation adjustments.
- Fixed income revenues missed, coming in at $2.21 billion ($2.83 billion expected), excluding debt valuation adjustments. Equity revenues also missed, at $603 million ($708 million expected), excluding debt valuation adjustments.
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- Including DVA, fixed income revenues were up 36% from the year-ago quarter thanks to strong performance in rates and currencies and spread products, according to the firm.
- Equity trading revenues were up 15% if you include debt valuation adjustments, which the firm said reflected strong trading activity and an improvement in equity derivatives.
- Investment banking revenues beat, coming in at $1.13 billion ($1.02 billion expected). The firm said advisory revenues decreased 2%, while debt underwriting revenues were up 4% and equity underwriting dropped 8% due to lower activity across the industry.
In the same quarter last year, Citi beat expectations, reporting adjusted EPS of $1.06 ($1.05 expected) on revenue of $18.64 billion ($17.93 billion expected).
In the third quarter, Citi also beat, reporting adjusted earnings of $1.24 per share ($1.16 expected) on revenues of $17.76 billion ($17.29 billion expected).
Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Morgan Stanley (NYSE:MS), and Goldman Sachs (NYSE:GS) have already reported fourth-quarter earnings.