Citigroup Inc. today (January 19) reported net income for the fourth quarter 2021 of US$3.2 billion, or US$1.46 per diluted share, on revenues of US$17.0 billion.

This compared to net income of US$4.3 billion, or US$1.92 per diluted share, on revenues of US$16.8 billion for the fourth quarter 2020.

Revenues increased one per cent from the prior-year period, primarily driven by strong growth in Investment Banking in the Institutional Clients Group (ICG) and higher revenues in Corporate/Other, partially offset by lower revenues across regions in Global Consumer Banking (GCB).

Net income of US$3.2 billion decreased 26 per cent from the prior-year period, reflecting higher expenses, partially offset by higher revenues and lower cost of credit. Results for the quarter included a pre-tax impact of approximately US$1.2 billion (US$1.1 billion after taxes) related to the divestitures of Citi’s consumer banking businesses in Asia.

Earnings per share of US$1.46 decreased 24 per cent from the prior-year period. Excluding the impact of Asia divestitures, earnings per share of US$1.99 increased four per cent, primarily reflecting a four per cent reduction in shares outstanding.

For the full year 2021, Citigroup reported net income of US$22.0 billion on revenues of US$71.9 billion, compared to net income of US$11.0 billion on revenues of US$75.5 billion for the full year 2020.