Citi Swings to a Profit and Announces $20B Stock Buyback | Global News Avenue

Citigroup (C) reported fourth-quarter results that beat expectations, sending shares higher in premarket trading Wednesday.

Citigroup’s fourth-quarter net profit was US$2.86 billion, higher than the loss of US$1.84 billion in the same period last year, while diluted net profit was US$2.86 billion. Earnings per share (EPS) climbed to $1.34 from a loss of $1.16, beating consensus estimates compiled by Visible Alpha.

The bank’s revenue after interest expenses rose 12% year over year to $19.58 billion, beating expectations. Citi’s credit costs were $2.59 billion, down 27% year-on-year, which the bank said helped improve net profit.

Chief executive Jane Fraser said in a release: “2024 is a critical year and our results demonstrate that our strategy is delivering as expected and driving stronger results across our business.”

Citi also said its board approved $20 billion stock buyback Programming will begin this quarter.

Citigroup shares rose nearly 4% in pre-market trading on Wednesday after the earnings report was released.