FILE- In this April 24, 2018, file photo a Citibank sign is shown outside one of the bank's branch offices in New York. On Monday, Jan. 14, 2019, Citigroup Inc. reports financial results. (AP Photo/Mark Lennihan, File)

Citigroup adjusted profits rise by 9 percent, beats estimate

January 14, 2019 - 8:26 am

NEW YORK (AP) — Citigroup is reporting its profits rose by 9 percent on an adjusted basis from a year earlier, helped by a lower tax rate and a reduction in expenses.

Citi said Monday it earned $4.31 billion in the last three months of 2018, or a profit of $1.64 per share.

That compares to the fourth quarter of 2017, when Citi reported an $18.89 billion net loss. The loss was mostly an accounting adjustment, caused by the impact of the then-new tax law which required Citi to write off billions of dollars of what are known as tax-deferred assets.

The results beat analysts' estimates, who were looking for Citi to earn $1.55 per share, according to a survey of analysts by FactSet.