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Citigroup quarterly profit nearly doubles

Citigroup Inc., the world’s largest financial services company, Tuesday said fourth-quarter profit nearly doubled, driven by consumer and investment banking.
/ Source: Reuters

Citigroup Inc., the world’s largest financial services company, Tuesday said fourth-quarter profit nearly doubled, driven by consumer and investment banking.

The New York-based bank said net income rose 96 percent to $4.76 billion, or 91 cents per share, from $2.43 billion, or 47 cents per share, a year earlier.

Analysts on average had forecast 90 cents per share. according to Reuters Research, a unit of Reuters Group Plc.

Year earlier results included $1.55 billion of charges related to a stock research settlement, Enron Corp. litigation, and bad loans.

Revenue rose 13 percent to $20.2 billion, and was up 4 percent from the third quarter’s $19.4 billion.

“Our organic growth momentum, combined with (acquisitions), provide an unmatched platform from which to grow,” said Chief Executive Charles Prince in a statement.