Citigroup Q2 Results Top Estimates - Update

(RTTNews) - Citigroup Inc. (C) reported Tuesday a net income to common shareholders of $3.73 billion or $1.96 per share for the fourth quarter, compared to net income of $2.98 billion or $1.52 per share in the prior-year quarter.

On average, 17 analysts polled expected the company to report earnings of $1.63 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $2.87 billion, up 16 percent from $2.48 billion last year.

Total revenues, net of interest expense, for the quarter increased 8 percent to $21.67 billion from $20.03 billion in the prior-year quarter, driven by growth in each of Citi's five interconnected businesses. Wall Street expected revenues of $20.83 billion for the quarter.

Excluding divestiture-related impacts in both periods, revenues were up 9 percent.

Net interest income increased 12 percent, while non-interest income decreased 1 percent.

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