Citigroup Q4 net income riseChristian Fernsby ▼ | January 14, 2020
Citigroup reported that its fourth-quarter net income increased 15 percent year on year.
Citigroup Citigroup revenues increased 7 percent
For the fourth-quarter, Citigroup earnings per share was $2.15, up 31 percent from $1.64, prior year, primarily driven by a 10 percent reduction in average diluted shares outstanding and the growth in net income.
Citigroup noted that its current quarter results included a net benefit of approximately $0.25 per share related to discrete tax items.
Citigroup Q4 reported net income was $5.0 billion, compared to net income of $4.3 billion, a year ago.
The Citigroupincome tax benefit recorded in Corporate / Other was $623 million compared to a benefit of $216 million in the prior year period.
Citigroup Q4 revenues were $18.38 billion, compared to $17.12 billion, last year.
Operating expenses were $10.5 billion, an increase of 6 percent year-on-year.
For the full year 2019, Citigroup reported net income of $19.4 billion compared to net income of $18.0 billion, previous year.
Revenues were $74.3 billion, compared to $72.9 billion, last year.
Citigroup's full year return on tangible common equity of over 12% exceeded its target.
It ended 2019 with a common equity tier one ratio of 11.7%.
Book value per share of $82.90 and tangible book value per share of $70.39 each rose 10 percent from prior year, driven by net income and a reduced share count.
Citigroup's end-of-period deposits were $1.1 trillion as of quarter end, an increase of 6 percent from prior year.
During the fourth quarter, Citigroup repurchased 69 million common shares and returned a total of $6.2 billion to common shareholders in the form of common share repurchases and dividends.
Citigroup said it is on track to deliver commitment of returning over $60 billion of capital to shareholders over a three-year period. ■