updated 1/19/2007 7:30:46 AM ET 2007-01-19T12:30:46

Citigroup Inc., the nation’s largest bank, said Friday that its profit fell in the fourth quarter from results a year earlier that were boosted by the sale of a business line. Its latest results beat Wall Street expectations.

The New York-based bank said it earned $5.13 billion, or $1.03 a share, in the October-December period, down from $6.93 billion, or $1.37 a share, a year earlier. The year-earlier figure included a $2 billion gain on the sale of an asset management business; excluding the gain, earnings in the fourth quarter last year were 98 cents a share.

Revenues were $23.83 billion in the fourth quarter, up from $20.78 billion in 2005.

Analysts surveyed by Thomson Financial had projected earnings of $1.01 a share on revenue of $22.45 billion.

The bank also announced that the board approved a 10 percent increase to the quarterly dividend on the company’s common stock to 54 cents per share from 49 cents per share, payable on Feb. 23 to stockholders of record Feb. 5.

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