Citigroup Inc. (NYSE: C) released its fourth-quarter financial results before the markets opened on Tuesday. The bank said that it had $1.87 in earnings per share (EPS) and $18.6 billion in revenue, which compares with consensus estimates of $1.84 in EPS and revenue of $17.89 billion. In the same period of last year, the bank said it had EPS of $1.61 and $17.12 billion in revenue.

Citigroup’s end-of-period loans were $682 billion as of quarter’s end, up 1% from the prior-year period. The end-of-period deposits were $1.0 trillion, an increase of 3%.

Book value per share was $77.09, and tangible book value per share was $65.55, both as of quarter’s end. Each increased 8% and 7%, respectively, from the prior year, driven by the benefit of a lower share count. In fact, common outstanding shares have decreased 9% from last year.

In terms of its businesses, the bank reported as follows:

• Global Consumer Banking revenue was relatively flat year over year at $8.5 billion.
• Institutional Clients Group revenue decreased by 2% to $9.7 billion.
• Corporate/Other revenue decreased 27% to $431 million.

The Investment Banking segment within the Instituitional Clients Group saw incredible growth in the quarter. The revenues were up 20% to $1.4 billion, as strong growth in advisory and investment grade debt underwriting more than offset a decline in equity underwriting. Advisory revenues increased 76% to $378 million, equity underwriting revenues decreased 20% to $172 million and debt underwriting revenues increased 15% to $804 million.

Michael Corbat, Citi CEO, commented:

Our earnings reflect the progress we are making to improve our return on and return of capital. Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing, such as U.S. Branded Cards, Treasury and Trade Solutions, and Investment Banking. Importantly, our strategy in North America consumer banking is showing good early results as we introduce new products and engage with a broader range of customers, through digital channels.

Shares of Citigroup were last seen up over 2% at $82.38, in a 52-week range of $59.55 to $82.53. The consensus price target is $89.02.

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