NEW YORK: An exterior view shows the Citibank headquarters in the Manhattan borough of New York City. Citigroup Inc yesterday reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets more than made up for weak revenue from its core business.
Citi’s net profit rose to US$3.34 billion, or US$1.02 per share, in the quarter ended on December 31 from US$344 million, or 6 cents per share, a year earlier.
The bank’s legal and repositioning costs plunged to US$724 million in the fourth quarter from US$3.55 billion a year earlier. Adjusted revenue rose 4.2 percent to US$18.64 billion, but the increase came from gains on disposal of assets from Citi Holdings, which shrank 43 percent from a year earlier.
