American banking giant Citigroup has posted a net income of $350m for the fourth quarter 2014, significantly down from $2.5bn reported a year ago.
The latest quarter included legal and related expenses and repositioning charges of $3.5bn, compared with $1bn in the year ago period.
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The bank’s quarterly revenue came in flat at $17.81bn, but adjusted revenue declined 1%.
While, the group’s Private Bank revenues increased 11% to $666m from the prior year period driven by increased client volumes and growth in investment and capital markets products.
Citigroup CEO Michael Corbat said: "While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities. During the year, we increased our market share among our target institutional clients, grew our core loan book, and improved both our net interest revenue and margin from 2013 levels.
"For the first time since its establishment, Citi Holdings was profitable for the full year and we accelerated the utilization of our deferred tax assets. We strengthened our capital planning process and made Citi a safer and stronger institution, as evidenced by the increases to our capital, leverage and liquidity ratios. Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015."
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