Citi FY2019 net income of $19.4bn on revenues of $74.3bn compares to net income of $18.0bn on revenues of $72.9bn for 2018.
Global consumer banking net income for the full fiscal also rises by 7% y-o-y to $5.7bn.
Consumer banking highlights include a 2% rise in retail banking average loans. Meantime, average retail banking deposits rise by 3%.
Citi enjoyed a strong end to fiscal 2019 with fourth quarter revenue up by 7% y-o-y, ahead of analyst forecasts.
At the same time, underlying fourth quarter net income rises by 5% to $4.4bn.
Citi CEO Michael Corbat says: “Our earnings of $5bn for the fourth quarter marked a strong finish to 2019. Our full year Return on Tangible Common Equity of over 12% exceeded our target. Due to good client engagement, we drove balanced growth across our products and geographies. We close the year with 16 consecutive quarters of loan and deposit growth. The US consumer franchise saw continued strong growth in Branded Cards and sustained its momentum in attracting digital deposits.”
Citi FY2019 highlights
North America consumer banking revenues rise by 4% in the fourth quarter. Notably, Citi-branded cards revenues rise by 10% y-o-y. On the other hand, retail banking revenues dip by 4% as deposit growth was more than offset by lower deposit spreads.
Latin America consumer banking revenues are ahead by 10% on a reported basis and 6% in constant dollars.
Consumer banking revenues also rise in Asia, by 4% y-o-y on both a reported basis and in constant dollars. Citi ends 2019 with 2,348 branches globally, down by a net 62 outlets during the year.
Digital highlights include a 13% rise in active North American mobile banking users to 12.4 million.
International unit active mobile banking users rise by 30% to 10.4 million.
Total digital banking customer numbers group wide rise by 10% to 32.5 million.
Citi’s share price is among the strongest performing of its peers in the past year, ahead by more than 33%.