Citigroup profit rises 7% in fourth quarter

NEW YORK - Citigroup Inc. (C.N) on Wednesday reported fourth-quarter profit of US$3.57 billion.

The bank, based in New York, said it had earnings of US$1.14 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of US$1.11 per share.

The U.S. bank posted revenue of US$20.29 billion in the period. Its adjusted revenue was US$17.01 billion, which missed Street forecasts. Three analysts surveyed by Zacks expected US$17.05 billion.

Citigroup shares have decreased almost 2 per cent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 per cent. The stock has increased 29 per cent in the last 12 months.