Citi misses estimates; Bonds, mortgages weaken

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Associated Press

Posted on January 16, 2014 at 7:01 AM

Updated Thursday, Jan 16 at 7:01 AM

NEW YORK (AP) — Citigroup is reporting fourth-quarter results that fell short of analysts' expectations as its bond and mortgage businesses weakened.

The miss came even as Citi's earnings increased 21 percent in the fourth quarter. Citi's stock fell 3 percent in pre-market trading.

The New York bank earned $2.6 billion in the last three months of 2013 versus $2.15 billion in the same period a year ago.

The earnings were equivalent to 82 cents per share, less than the 95 cents per share expected by analysts polled by FactSet. The bank earned 69 cents per share in the year-ago period.

The latest figures exclude an accounting loss and the sale of a credit card unit in Brazil.

Revenue fell 2 percent to $17.9 billion. That also missed the $18.2 billion predicted by analysts.

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