Citigroup’s fourth quarter results of 2013 reported a $2.7 billion net income, a $1.5 billion increase compared to the same time last year.
Their full year net income for 2013 was $13.9 billion, almost double the $7.5 billion they acquired in 2012.
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Private banking revenues increased 1% to $599 million compared to the previous year, driven primarily by growth in both managed investments and lending. However, it was a 2% decrease from the $614 million revenue in the previous quarter.
Michael Corbat, CEO of Citigroup, said: "Although we didn’t finish the year as strongly as we would have liked, we made substantial progress toward our key priorities in 2013. Having grown our operating net income by 15% over 2012, we achieved our highest amount of net income since before the financial crisis."
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