Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California, US, on Monday, April 29, 2019.
Kyle Grillot | Bloomberg via Getty Images
Citigroup It reported its fourth-quarter earnings Wednesday morning before Wall Street's opening bell, beating estimates at the top and bottom.
The bank's shares rose more than 2% in premarket trading.
Here's how the company performed compared to LSEG analyst estimates:
- Earnings: $1.34 per share, versus $1.22 expected
- Revenues: $19.58 billion, compared to $19.49 billion expected
Citi's net income was $2.86 billion for the quarter, an improvement over a net loss of $1.84 billion a year ago. Year-over-year comparisons of Q4 income metrics may be complicated because… City fees booked In the last period of 2023.
The bank reported growth in several different business units during the fourth quarter. Investment banking in particular was a bright spot, with revenue jumping 35% year over year. As a result, total banking revenues increased by 12%, expanding to 27% when adding the impact of loan hedges.
Markets revenues jumped 36% year-on-year, with fixed income and equities businesses growing. Fixed income markets revenue of $3.48 billion was well above the $2.95 billion that analysts had expected, according to StreetAccount.
Revenues from the wealth and services units increased by 20% and 15%, respectively, on an annual basis.
“2024 was a critical year and our results show that our strategy is delivering and driving stronger performance in our business. Our net income increased nearly 40% to $12.7 billion and we exceeded our revenue target for the full year, including record years in services,” said the President. Executive Jane Fraser in a press release: “American Wealth and Personal Banking.”
On the analyst call later Wednesday, investors will also look for progress updates on Fraser's turnaround efforts. Fraser took over the bank in March 2021 and has focused on downsizing the company, including selling some international units.
Citi stock has had a strong performance in 2024, rising nearly 37% over the year. The stock is up more than 4% so far this year through Wednesday.
