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Citi Results: A Miss And Weak Trajectory

FINANCIALS SECTOR

Citigroup (C US) 4Q23 results out... revenues miss, net loss for the quarter (both pre- and post-tax), close to breakeven ex-FDIC hit (of USD1.7bn).


  1. Revenues are -3% y/y with markets (down 19%) and wealth (-3%) being the key drag factors. CEO Fraser already on wires indicating wealth "isn't where it needs to be" and quarter was "very disappointing". US personal banking +12% is a solid results as is +6% in the services business (Treasury, trade and securities services). This is a miss.
  2. IB revenues - FICC down 25% (and this is a near-20% of group revenues alone) is a major miss in this area (Argentina and a major Dec slowdown cited), equities were up 9%. Markets was a loss-making business in 4Q23. DCM was up 43%, ECM lower (-17%) and M&A advisory actually a little ahead (+11%).
  3. Net credit losses and NPAs in the domestic business did tick up again but nothing egregious here. The group's CET1 ratio was only 12.1% (advanced basis) which is down both y/y and q/q.
Overall a tough set of results - CEO Fraser talking about Mexico IPO this year (good) but that trajectory through 4Q23 (esp. in FICC) is a weak start point for FY24. The revenue outlook is USD80-81bn (consensus is 80bn) so inline but there will be doubts on the basis of this weak jumping off point.
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