Citi reports drop in net income for 2022 to US$14.8 billion, despite rise in full-year revenue
Latest news
Citi reports drop in net income for 2022 to US$14.8 billion, despite rise in full-year revenue 18 January 2023US Reporter: Lucy Carter
Image: lucky-photo/stock.adobe.com
Citigroup (Citi) has reported a net income of US $14.8 billion for full-year 2022 from revenues of US$75.3 billion. This is a decrease from the $22 billion net income for full-year 2021 generated from revenue of $71.9 billion in 2021.
Securities services revenues rose by seven per cent between the third and fourth quarter, from $968 million to $1040 million. In total, there was a year-on-year increase of 22 per cent, from $3367 to $2859 million.
Treasury and trade solutions revenues rose from $3209 in Q3 to $3290 million in Q4. Year-on-year, revenue for this division rose by 36 per cent to $12163 million.
For Citi’s Institutional Clients Group, operating expenses rose by six per cent YoY to $6.6 billion. This increase was driven by transformation investments, business-led investment and volume-related expenses, Citi says, but was partially offset by foreign exchange translation and productivity savings.
Jane Fraser, CEO of Citi, comments: “One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders. We have already made significant progress in terms of our transformation, simplification and strengthening of our five interconnected businesses, some of which delivered excellent results this quarter.
“With their revenues up 32 per cent, services delivered another excellent quarter, and we have gained significant share in both treasury and trade solutions and securities services. Markets had the best fourth quarter in recent memory, driven by a 31 per cent increase in fixed income.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: lucky-photo/stock.adobe.com 