By KEN SWEET
AP Business Writer
NEW YORK (AP) — Citigroup says fourth-quarter profits rose by 15% as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase.
The New York-based bank said it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or $1.65 per share, in the same period a year earlier. The results topped analysts’ expectations for a profit of $1.81 a share, according to FactSet.
Like JPMorgan Chase, which also reported its results on Tuesday, Citi saw a boost in profits from its trading operations. Bond trading revenues rose 49% from a year earlier, when a steep downfall in the markets in the fourth quarter took its toll on all banks’ trading desks.
In Citi’s consumer group, profits rose 12% from a year earlier, helped by the bank’s large credit card division where more consumers borrowed and spent during the holiday season.
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