TheStreet's Bradley Keoun broke down Citigroup's earnings. The bank is Real Money's stock of the day.
Net income was $4.3 billion, the New York-based bank said Monday in a statement. Earnings per share were $1.64, while adjusted profit of $1.61 beat the average analyst estimate of $1.55 in a FactSet survey. The results were difficult to compare with those in the fourth quarter of 2018, when Citigroup booked a net loss of $18.9 billion because of a one-time charge related to the tax law passed in late 2017.
Revenue in the fixed-income division, which includes bond trading as well as foreign exchange and commodities, tumbled by 21% to $1.94 billion. The results were affected not only by the volatile markets but also by the underperformance of corporate bonds and other credit-sensitive securities.
Want to read more about Citigroup? Head over to these Real Money articles.
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