Jane Fraser speaks at the Milken Institute Global Conference on Monday, April 29, 2019 in Beverly Hills, California.
Kyle Grillot | Bloomberg via Getty Images
Citigroup released fourth-quarter results Wednesday morning ahead of Wall Street’s opening bell, with revenue and bottom line beating expectations.
The bank’s stock rose more than 2% in premarket trading.
Here’s how the company performed relative to LSEG analysts’ consensus estimates:
Earnings: $1.34 per share, $1.22 expected Revenue: $19.58 billion, $19.49 billion expected
Citi’s net income for the quarter was $2.86 billion, an improvement from a net loss of $1.84 billion in the year-ago period. Year-over-year comparisons of fourth-quarter revenue metrics may be complicated by charges that Citi books in the final period of 2023.
The bank reported growth across several different business lines during the fourth quarter. Investment banking was a particular bright spot, with revenue up 35% year-over-year. As a result, total banking income increased by 12%, expanding to 27% including the impact of loan hedging.
Both our fixed income and equity businesses grew, with market revenue up 36% year over year. Revenues in the Wealth and Services divisions increased by 20% and 15% year-on-year, respectively.
“2024 is an important year and our results demonstrate that our strategy is delivering as intended and driving improved performance for our business. Our net profit is 40% recently increased to $12.7 billion, exceeding full-year revenue targets, including a record year for our services division, “Wealth and U.S. Personal Banking,” CEO Jane Fraser said in a press release.
Investors will also be looking for an update on Fraser’s progress on its restructuring efforts during an analyst call later Wednesday. Fraser took over the bank in March 2021 and has focused on streamlining the company, including selling some overseas divisions.
Citi stock has had a strong year in 2024, rising nearly 37% over the same year. The stock entered Wednesday up more than 4% since the beginning of the year.
