Citigroup adjusted profits rise by 9 percent, beats estimate

Citigroup adjusted profits rise by 9 percent, beats estimate
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)

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 .31 billion in the last three months of 2018, or a profit of .64 per share.

That compares to the fourth quarter of 2017, when Citi reported an .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 .55 per share, according to a survey of analysts by FactSet.