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Citigroup Turns To Profit In Q4, Revenue Up 12%; Issues 2025 Guidance

(RTTNews) - 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%.

For 2025, Citigroup expects reported revenues in a range of $83.5 billion - $84.5 billion. Revenue ex-divestitures are projected in a range of $83.5 billion - $84.5 billion. Citi said it continues to drive towards higher returns - targeting a range of 10-11% in 2026. The company noted that it remains committed to continuing to improve returns beyond the medium-term.

The Board of Directors has authorized a $20 billion common share repurchase program. Citigroup said $1.5 billion of common share repurchases are planned for first quarter of 2025.

Shares of Citigroup are up 4% in pre-market trade on Wednesday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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