Overview
- Citi reported fourth-quarter revenue of $19.87 billion, up 2% year over year but below the $20.53 billion consensus.
- GAAP net income fell 13% to $2.5 billion due to a $1.1 billion after-tax loss tied to the planned sale of AO Citibank in Russia.
- On an adjusted basis, net income was $3.6 billion and EPS $1.81, beating the $1.68 estimate, and revenue rose 8% excluding divestiture impacts.
- Shares rose 4.1% to $117 on Thursday as Oppenheimer raised its price target to $144 and Morgan Stanley to $135, with both keeping positive ratings.
- CFO Mark Mason said Citi has minimal exposure to the situation in focus and noted the company sold its Venezuelan operations in 2021.