Citigroup (NYSE:C) today reported its financial results for the final quarter of 2023.
Citi posted a net loss of $1.8 billion for the final three months of 2023. This compares to a net income of $2.5 billion for the year-ago quarter. The loss reflected higher cost of credit, higher expenses and lower revenues.
The revenues for the fourth quarter of 2023 amounted to $17.4 billion, down from $18 billion a year earlier.
Markets revenues for the period amounted to $3.4 billion, down 19% from the fourth quarter of 2022. The drop was mainly due to lower Fixed Income revenues. The decline was partially compensated by higher revenues from Equities.
The Markets segment saw a net loss of $134 million, reflecting higher expenses, lower revenues and the higher cost of credit in the quarter.
