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Citigroup beats analysts’ profit estimates as bank releases money set aside for loan losses
PUBLISHED FRI, JAN 15 20216:27 AM ESTUPDATED FRI, JAN 15 20218:16 AM EST
Hugh Son
@HUGH_SON
Here are the numbers: Earnings: $2.08 a share, vs the $1.34 a share of analysts surveyed by Refinitiv.
Revenue: $16.5 billion, vs the $16.7 billion estimate.
The bank released $1.5 billion in reserves for credit losses, a move that was bigger than analysts had expected. That compared with a reserve build of $436 million in the third quarter and $253 million a year earlier.
Jane Fraser, chief executive officer for Latin American at Citigroup Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Jane Fraser, chief executive officer for Latin American at Citigroup Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Kyle Grillot | Bloomberg via Getty Images

Citigroup posted fourth-quarter results that beat analysts’ estimates for profit as the firm joined rival JPMorgan Chase in releasing reserves for loan losses.

Citigroup said Friday that earnings fell 7% to $4.63 billion, or $2.08 a share, compared with the $1.34 a share estimate of analysts surveyed by Refinitiv. Companywide revenue fell 10% to $16.5 billion, below the estimate of $16.7 billion.


The bank released $1.5 billion in reserves for credit losses, a move that was bigger than analysts had expected. That compared with a reserve build of $436 million in the third quarter and $253 million a year earlier. As a result, credit costs in the period were more than $2 billion less than a year earlier.

“As a sign of the strength and durability of our diversified franchise, our revenues were flat to 2019, despite the massive economic impact of COVID-19,” CEO Mike Corbat said in the release.

Citigroup made history when it announced Jane Fraser was taking over as CEO, making it the first big Wall Street bank to be run by a woman. Now, weeks before she’s set to take over for Corbat, Fraser is expected to address investors and analysts for the first time on Friday. Shareholders are keen to hear how Fraser, a former McKinsey partner who ran the bank’s Latin American operations before becoming president in 2019, will improve returns at the company.

Citigroup, the third-biggest U.S. bank by assets, has been hobbled by relatively poor performance compared to rivals including JPMorgan Chase, results that have frustrated investors including activist hedge fund ValueAct. The bank is also toiling under a regulatory consent order to improve its internal risk controls after it accidentally sent almost $900 million to lenders of Revlon last year.

Citigroup has said it expected fourth quarter trading revenues to climb 15% from a year earlier, while investment banking fees should climb by 10% to 15%.


Shares of the New York based bank fell 23% last year, compared to the 4.3% decline of the KBW Bank Index.

Here are the numbers:

Earnings: $2.08 a share, vs the $1.34 a share of analysts surveyed by Refinitiv.
Revenue: $16.5 billion, vs the $16.7 billion estimate.

JPMorgan beats profit estimates on better-than-expected credit, record trading revenue
PUBLISHED FRI, JAN 15 20216:22 AM ESTUPDATED FRI, JAN 15 20218:05 AM EST
Hugh Son
@HUGH_SON
JPMorgan Chase’s fourth-quarter earnings per share of $3.79 beat the Refinitiv estimate of $2.62.
Revenue of $30.16 billion exceeded the expected $28.70 billion.
The bank released $2.9 billion from its pile of cash set aside for expected loan defaults in the quarter, resulting in a $1.9 billion boost after about $1 billion in charge-offs
Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC's Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020.
Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020.
Adam Galica | CNBC
JPMorgan Chase on Friday beat analysts’ estimates for fourth-quarter profit on record trading results and a boost from releasing money previously set aside for loan losses.

The bank posted earnings of $3.79 a share, exceeding the $2.62 per share estimate of analysts surveyed by Refinitiv. It would have beaten estimates even without the 72 cent per share boost from credit-reserve releases. The firm generated $30.16 billion in revenue, exceeding the $28.7 billion estimate.


JPMorgan shares slipped about 0.5% in Friday’s premarket after the earnings report.

JPMorgan CEO Jamie Dimon cited the two major developments that happened in late 2020 – news of effective coronavirus vaccines and another round of government stimulus – as reasons for taking down his bank’s reserves. The firm said it released $2.9 billion from its pile of cash set aside for expected loan defaults in the quarter, resulting in a $1.9 billion boost after about $1 billion in charge-offs.

“While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists,” Dimon said in a statement.

Dimon added that he didn’t consider the $2.9 billion reserve release part of the bank’s core operating results, but rather the result of calculations that “now involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur” and which could bring volatility from quarter to quarter.

A bright spot in 2020 for Wall Street has been trading, which is expected to be the best year since the financial crisis in terms of total revenues, thanks to the Federal Reserve’s unprecedented actions to prop up markets. Investment bankers also benefited as wide-open markets brought surging demand for IPOs and a record spate of debt issuance.


The bank said it posted a record fourth quarter for trading. Equities trading revenue of $1.99 billion topped the $1.84 billion estimate of analysts surveyed by Refinitiv, while fixed income revenue $3.95 billion in revenue was just under the $4.12 billion estimate. Last month, Dimon said he expected fourth-quarter trading and investment banking revenue to be 20% higher than a year earlier.

After the earnings report, analysts may ask Dimon about succession planning because of a health scare last year. While widely reported that Dimon had heart surgery last March, he recently told The Wall Street Journal his condition was so precarious he thought he “might not make it.”

Analysts will also be curious about the pace of share repurchases the bank is expecting to make. JPMorgan announced a $30 billion share repurchase program last month after the Federal Reserve said the industry could restart buybacks in the first quarter.

Shares of JPMorgan slipped 8.7% last year, compared with the 4.3% decline of the KBW Bank Index.

Here are the numbers:

Earnings: $3.79 a share, vs. $2.62 per share estimate, according to Refinitiv.
Revenue: $30.16 billion, vs. $28.70 billion expected, according to Refinitiv.

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Crude Oil Futures 52.98 -0.59 -1.10
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Yen 103.73 -0.07 -0.07
Euro 1.2128 -0.0029 -0

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China: Shanghai Composite 3566.38 0.47 0.01
Japan: Nikkei 225 28519.18 -179.08 -0.62
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CHG %CHG
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DJIA Futures 30759 -150 -0.49
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Copper January 15,08:19
Bid/Ask 3.6092 - 3.6105
Change -0.0479 -1.31%
Low/High 3.6053 - 3.6733
Charts

Nickel January 15,08:19
Bid/Ask 8.1006 - 8.1074
Change -0.1671 -2.02%
Low/High 8.0750 - 8.3334
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Aluminum January 15,08:19
Bid/Ask 0.9049 - 0.9051
Change -0.0050 -0.55%
Low/High 0.9042 - 0.9135
Charts

Zinc January 15,08:19
Bid/Ask 1.2151 - 1.2156
Change -0.0214 -1.73%
Low/High 1.2151 - 1.2447
Charts

Lead January 15,08:19
Bid/Ask 0.9046 - 0.9053
Change -0.0071 -0.78%
Low/High 0.9013 - 0.9266
Charts

Uranium Jan 11, 2021
Ux U308 price: 30.05
Change fro

https://es.finance.yahoo.com/noticias/metales-básicos-cobre-retrocede-zinc-120026281.html

U.S. retail sales fell 0.7% in December, vs flat reading expected
PUBLISHED FRI, JAN 15 20218:32 AM EST
Reuters
A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S., December 3, 2020.
A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, December 3, 2020.
Lucy Nicholson | Reuters

LAST CHG %CHG
DJIA 30808.79 -182.73 -0.59
S&P 500 3785.51 -10.03 -0.26
Nasdaq Composite 13134.94 22.30 0.17
Japan: Nikkei 225 28519.18 -179.08 -0.62
UK: FTSE 100 6735.86 -66.10 -0.97
Crude Oil Futures 52.83 -0.74 -1.38
Gold Futures 1841.80 -9.60 -0.52
Yen 103.77 -0.03 -0.03
Euro 1.2115