Citigroup reports US$22-billion profit
Citibank has reported profit of US$22 billion for the full year 2021.
Pays out US$1 billion in dividends

For the full year 2021 Citigroup Inc reported net income of US$22 billion on revenues of US$71.9 billion, compared to net income of US$11 billion on revenues of US$75.5 billion for the full year 2020.

Citigroup revenues of US$17.0 billion in the fourth quarter 2021 increased one per cent. The company said that this reflected “strong growth in investment banking, the private bank and securities services and growth in corporate / other.

This was partially offset by lower revenues across regions and in fixed income markets.

The company on Wednesday reported net income for the fourth quarter 2021 of US$3.2 billion, or US$1.46 per diluted share, on revenues of US$17.0 billion.

The result compared to net income of US$4.3 billion, or US$1.92 per diluted share, on revenues of US$16.8 billion for the fourth quarter 2020.

Revenues increased one per cent from the prior year period, primarily driven by strong growth in investment banking in the Institutional Clients Group (ICG) and higher revenues in corporate /other, partially offset by lower revenues across regions in Global Consumer Banking (GCB).

The group reported net income of US$3.2 billion decreased 26 per cent from the prior year period, reflecting higher expenses, partially offset by higher revenues and lower cost of credit.

Results for the quarter included a pre-tax impact of approximately US$1.2 billion (US$1.1 billion after taxes) related to the divestitures of Citi's consumer banking businesses in Asia.

Earnings per share of US$1.46 decreased 24 per cent from the prior year period. Excluding the impact of Asia divestitures, earnings per share of US$1.99 increased four per cent, primarily reflecting a four per cent reduction in shares outstanding.

Citigroup operating expenses of US$13.5 billion in the fourth quarter 2021 increased 18 per cent. Net income of US$3.2 billion in the fourth quarter 2021 decreased 26 per cent from the prior year period, driven by the higher expenses, partially offset by the higher revenues and lower cost of credit.

Citigroup's effective tax rate was 19.5 per cent in the current quarter compared to 20.5 per cent in the fourth quarter 2020.

Citigroup's book value per share of US$92.21 and tangible book value per share of US$79.16 at the end of the fourth quarter each increased seven per cent, largely driven by net income.

During the quarter, Citigroup returned a total of US$1.0 billion to common shareholders in the form of common share dividends.

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