Citi Posts Strong Q4 Profit and Unveils $20B Stock Buyback
Citigroup (C) reported better-than-expected fourth-quarter results, driving its shares up nearly 4% in pre-market trading on Wednesday.
The bank swung to a net income of $2.86 billion for Q4, compared to a loss of $1.84 billion in the same period last year. Diluted earnings per share (EPS) climbed to $1.34, surpassing analyst expectations compiled by Visible Alpha. Revenue, net of interest expense, increased 12% year-over-year to $19.58 billion, also exceeding forecasts.
A 27% reduction in Citi's cost of credit, which fell to $2.59 billion, significantly contributed to its improved profitability.
“2024 was a critical year, and our results show our strategy is delivering as intended and driving stronger performance in our businesses,” said CEO Jane Fraser.
In addition, Citi's board approved a $20 billion stock buyback program, set to begin this quarter, signaling confidence in the bank's financial position.
Shares of Citigroup were up nearly 4% in early trading following the announcement.
Citigroup (C) reported better-than-expected fourth-quarter results, driving its shares up nearly 4% in pre-market trading on Wednesday.
The bank swung to a net income of $2.86 billion for Q4, compared to a loss of $1.84 billion in the same period last year. Diluted earnings per share (EPS) climbed to $1.34, surpassing analyst expectations compiled by Visible Alpha. Revenue, net of interest expense, increased 12% year-over-year to $19.58 billion, also exceeding forecasts.
A 27% reduction in Citi's cost of credit, which fell to $2.59 billion, significantly contributed to its improved profitability.
“2024 was a critical year, and our results show our strategy is delivering as intended and driving stronger performance in our businesses,” said CEO Jane Fraser.
In addition, Citi's board approved a $20 billion stock buyback program, set to begin this quarter, signaling confidence in the bank's financial position.
Shares of Citigroup were up nearly 4% in early trading following the announcement.