Citigroup (C) reported fourth quarter net income of $2.9 billion, compared to a net loss of $1.8 billion in the prior-year period, primarily driven by the higher revenues, lower expenses and lower cost of credit. Profit per share was $1.34 compared to a loss of $1.16 per share, primarily reflecting the higher net income. The company noted that, excluding notable items, earnings per share would have been $0.84 in the prior-year period. Analysts on average expected the company to report profit per share of $1.24, for the quarter. Analysts' estimates typically exclude special items.
Fourth quarter revenues were $19.6 billion compared to $17.4 billion, last year. Total Citigroup revenues - excluding divestiture-related impacts was $19.58 billion, up 12%. Analysts on average had estimated $19.51 billion in revenue. Revenues increased 12%, on a reported basis, driven by growth in each of Citi's businesses and the smaller impact from the currency devaluation in Argentina, partially offset by a decline in All Other. Excluding the impact of the Argentina currency devaluation and divestiture-related impacts in both periods, revenues were up 7%.
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