NEW YORK (AP) — Citigroup Inc. (C) on Monday reported fourth-quarter net income of $4.31 billion, after reporting a loss in the same period a year earlier.
The bank, based in New York, said it had earnings of $1.64 per share. Earnings, adjusted for pretax gains, were $1.61 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.
The U.S. bank posted revenue of $23.98 billion in the period. Its revenue net of interest expense was $17.12 billion, falling short of Street forecasts. Three analysts surveyed by Zacks expected $17.48 billion.
Citigroup shares have increased nearly 9 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 4 per cent. The stock has fallen 26 per cent in the last 12 months.