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Citigroup beats profit estimates, helped by lower loan-loss provisions

Citigroup beats profit estimates, helped by lower loan-loss provisions

Customers use ATMs at a Citibank branch in the Jackson Heights neighbourhood of New York City on Oct. 11, 2020.

NICK ZIEMINSKI/Reuters

Citigroup Inc reported a 7 per cent decline in fourth-quarter profit on Friday but easily beat Wall Street expectations, as an improving economic outlook allowed it to release cash it had previously set aside for bad loans.

The New York-based bank earned $4.63 billion, or $2.08 a share, down from $5 billion, or $2.15 a share, a year earlier. Analysts on average had expected profit of $1.34 per share, according to Refinitiv data.

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Published at Fri, 15 Jan 2021 13:05:33 +0000

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Written by Riel Roussopoulos

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