The global consumer banking (GCB) arm of Citigroup has posted a net income of $1.34bn for the fourth quarter of 2015, down 20.2% from $1.68bn in the year ago quarter.
The unit’s total revenues stood at $8.2bn, a fall of 9.27% compared to $9.02bn a year ago.
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Operating expenses dropped 7.5 % to $4.61bn from $4.98bn, driven by ongoing efficiency savings and lower repositioning expenses, the bank stated in its earnings statement.
Overall, the banking group posted a net income of $3.33bn for the fourth quarter, as compared to a net income of $344m a year earlier. Revenues increased 3.1% to $18.5bn from $17.9bn in the fourth quarter of 2014.
Commenting on the bank’s performance, Citigroup CEO Michael Corbat said: "Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets."
