By Telis Demos 

Citigroup Inc. said its fourth-quarter profit surged from a year ago, when it took a large write-down related to changes in the U.S. tax code.

Net income was $4.3 billion, versus a loss of $18.9 billion a year ago, and earnings per share were $1.64. Analysts polled by Refinitiv expected $1.55 a share.

The bank overcame a difficult quarter for the trading business, due to a volatile December marked by many clients stepping away from the market.

Overall revenue at the bank was $17.1 billion, down 2% from a year ago.

Still, profit grew thanks to a lower overall tax rate and a 4% drop in expenses from a year earlier, to $9.9 billion.

Write to Telis Demos at telis.demos@wsj.com

 

(END) Dow Jones Newswires

January 14, 2019 08:16 ET (13:16 GMT)

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