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Stockreport

Tax overhaul shaves U.S. bank profits 40.9 percent in fourth quarter: FDIC [Reuters]

CITIGROUP (C)  More Company Research Source: Reuters
Last citigroup earnings: 7/13 07:59 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
PDF Tax overhaul shaves U.S. bank profits 40.9 percent in fourth quarter: FDIC | Reuters 2 Min Read WASHINGTON (Reuters) - U.S. bank profits were down 40.9 percent in the fourth quarter of 2017 from a year earlier, due primarily to one-time accounting changes from the new tax law which is expected to boost profits in the long run, the Federal Deposit Insurance Corp (FDIC) said on Tuesday. Absent the changes spurred by the tax law, bank profits were estimated to drop just 2.3 percent to $42.2 billion in the fourth quarter, according to the regulator. Net interest income was up 8.5 percent to $129.5 billion. The brunt of the tax-spurred decline was borne by larger banks, who had already been reporting eye-popping losses at the end of 2017. Large institutions took a disproportionate hit on earnings held abroad and the rewriting of the value on deferred tax assets. Citigroup, for example, reported an $18 billion loss at the end of 2017 thanks to the updated tax law. But banks are expected to [Read more]

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