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.
Go deeper with GlobalData
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."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
