American banking giant Citigroup has posted a net income of $3.3bn for the fourth-quarter of 2015, compared to $344m a year ago.
Total revenues for the fourth-quarter of 2015 increased 3.1% to $18.5bn from $17.9bn in the year-ago quarter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Citigroup’s private bank revenues increased 3.4% to $691m from $668m, due to higher loan and deposit balances.
The group’s operating expenses were $11.13bn, down 22.8% compared to $14.43 in the prior year quarter.
Commenting on the performance, Citigroup CEO Michael Corbat said: "Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets."
"Over the last three years, we have made substantial progress towards our targets and execution priorities. We significantly improved our returns on both assets and tangible common equity, as well as our Citicorp efficiency ratio."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
