NEW YORK (AP) – Citigroup is reporting its profits rose by 9 percent on an adjusted basis from a year earlier, helped by a lower tax rate and a reduction in expenses.
Citi said Monday it earned $4.31 billion in the last three months of 2018, or a profit of $1.64 per share.
That compares to the fourth quarter of 2017, when Citi reported an $18.89 billion net loss. The loss was mostly an accounting adjustment, caused by the impact of the then-new tax law which required Citi to write off billions of dollars of what are known as tax-deferred assets.
The results beat analysts’ estimates, who were looking for Citi to earn $1.55 per share, according to a survey of analysts by FactSet.
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