NEW YORK — Citigroup's fourth-quarter profit fell short of analysts' expectations as its bond and mortgage businesses weakened.
The bank said Thursday it earned $2.60 billion, after stripping out the effects of an accounting charge. Per share, that amounted to 82 cents, falling short of the 95 cents that analysts expected.
Revenue, excluding adjustments, slipped 2 percent to $17.9 billion, short of the $18.2 billion Wall Street predicted.
“Although we didn't finish the year as strongly as we would have liked, we made substantial progress toward our key priorities in 2013,” Michael Corbat, Citigroup's CEO, said in a statement.
The bank logged its most profitable year since 2006, before the financial crisis. — AP
Goldman Sachs reported Thursday that its fourth-quarter profit dropped 21 percent as revenue from mortgages and trading in bonds and other securities weakened.
Goldman earned $2.25 billion in the October-December quarter after paying dividends on preferred shares, down from $2.83 billion in the same period a year earlier.
That worked out to $4.60 per share, down from $5.60 per share a year earlier. The results were well above the earnings of $4.18 per share that analysts were expecting.
It was the first year-on-year decline in earnings at Goldman Sachs since the second quarter of 2012, when income fell 12 percent to $927 million.
Revenue slipped 5 percent to $8.78 billion, but exceeded analysts' forecast of $7.72 billion. Recent weakness in trading of bonds, currencies and commodities have depressed earnings at Goldman.
The decline came despite a 22 percent jump in earnings in Goldman's investment banking business in the fourth quarter, to $1.72 billion. — AP
LOS ANGELES — American Express says its net income more than doubled in the fourth quarter, as its cardholders boosted spending and borrowing during the holiday season.
The New York-based company's 2012 quarter included $594million in restructuring charges and other one-time costs.
American Express said Thursday that its net income grew to $1.3billion, or $1.21 per share, in the three months ended Dec. 31. That compares with net income of $630 million, or 56 cents per share, in the same period a year earlier.
Excluding the impact of one-time items, American Express earned $1.25 per share, matching expectations of analysts polled by FactSet.
Revenue in the latest quarter rose 5 percent, to $8.6 billion from $8.14 billion, in line with analysts' expectations. — AP
McLEAN, Va. — Capital One Financial Corp. says its fourth-quarter profit rose 2 percent, even as income earned from loans declined.
McLean, Va.-based Capital One said Thursday that net income after paying preferred dividends was $842 million, or $1.45 per share, for the three months ended Dec. 31. That compares with net income of $825 million, or $1.41 per share, a year earlier. Revenue slipped 1 percent, to $5.54 billion from $5.62 billion. — AP