14 Jan 2020

Citigroup profit rises 15% as credit card, trading revenue jump

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Citigroup Inc reported a 15% jump in fourth-quarter profit on Tuesday, driven by higher credit card and trading revenue, as well as a lower tax bill.

Net income applicable to common shareholders rose to $4.98 billion, or $2.15 per share, in the three months ended Dec. 31, from $4.31 billion, or $1.64 per share, a year earlier.

Excluding the impact of a tax benefit, the bank earned $1.90 per share.

Analysts on average had expected a profit of $1.84 per share, according to IBES data from Refinitiv. It was not immediately clear if the reported numbers were comparable with the consensus estimate.

Reporting by C Nivedita in Bengaluru and Imani Moise and Sweta Singh in New York; Editing by Sriraj Kalluvila

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