Citigroup's profits fell by 7% in the last quarter of 2020, as improved economic forecasts allowed the bank to release liquidity it had previously set aside for bad loans.
The New York-based American bank reported a net profit of $4.63 billion, or $2.08 per share, down from last year's profits of $5 billion, or $2.15 per share. The average expectations were for the bank to achieve a net profit of $1.34 per share, according to Refinitiv data. Additionally, the bank's revenue decreased by 10% to $16.5 billion, which was less than the estimates of $16.7 billion.
