Citigroup Reports 7% Net Income Decline in Q4 2020

The leading global bank Citigroup has announced its financial results for the three months and year ended 31 December 2020. The bank reported $4.6 billion net income in the last quarter, a 7% decline compared to the same period in 2019.

According to the results, the total revenue reached $16.5 billion in the fourth quarter in 2020, decreasing 10% compared to the same period last year. Diluted EPS reached $2.08 in the last quarter, decreasing 3% from the prior year period, primarily reflecting the decline in net income.

During the 12 month period, the bank achieved net income of $11.4 billion, a 41% decline compared to net income of $19.4 billion in 2019. Further, Citigroup posted revenue of $74.3 billion in 2020, similar to 2019.

Commenting on the recent financial results, Michael Corbat, Citi CEO, said:“we ended a tumultuous year with a strong fourth quarter. As a sign of the strength and durability of our diversified franchise, our revenues were flat to 2019, despite the massive economic impact of COVID-19. For the year, we generated $11 billion in net income despite our credit reserves increasing by $10 billion as a result of the pandemic and the impact of CECL.”