NEW YORK: Citigroup Inc beat analysts’ estimates for fourth-quarter profit on Tuesday, boosted by growth in its credit card business and a jump in trading revenue.
The third-largest US bank by assets has been leveraging its robust card business to help grow deposits by pitching checking and savings accounts to cardholders. Citi also reached a key profitability target. The bank hit a return on tangible common equity of 12.1% for 2019, above the goal of 12% it promised investors for the year.The lender’s shares rose 1.5% in early trading.
The U.S. Federal Reserve cut interest rates three times last year, crimping banks’ lending margins and their ability to raise revenue.
That reminds me - CitibankMy can go fock itself.
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