Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Kyle Grillot | Bloomberg via Getty Images
Citigroup reported its fourth-quarter earnings Wednesday morning ahead of Wall Street’s opening bell, beating estimates on the top and bottom lines.
Shares of the bank rose more than 2% in premarket trading.
Here is how the company did relative to LSEG analyst consensus estimates:
- Earnings: $1.34 a share, vs $1.22 expected
- Revenue: $19.58 billion, vs $19.49 billion expected
Citi’s net income was $2.86 billion from the quarter, an improvement from a net loss of $1.84 billion a year ago. Year-over-year comparisons for fourth quarter income metrics may be complicated by charges Citi booked in the final period of 2023.
The bank reported growth across several different business units during the fourth quarter. Markets revenue jumped 36% year over year, with both the fixed income and equity businesses growing. Revenue for the wealth and services unites climbed 20% and 15%, respectively, year over year.
Banking revenue grew 12%, and that expanded to 27% when including the impact of loan hedges.
Investors will also be looking for progress updates about CEO Jane Fraser’s turnaround efforts. Fraser took over the bank in March 2021 and has focused on slimming down the company, including selling off some international units.
Citi’s stock was a strong performer in 2024, rising nearly 37% on the year. The stock is up more than 4% so far this year.
