Citigroup bank posted a net profit of $19,401 million in 2019, up 8% from last year, mainly due to the good performance of its fixed-income operations and consumer banking in the fourth quarter.

In a statement, the New York-based bank reported that its total annual turnover reached $74.286 billion, representing a 2% increase over 2018.

As for the fourth quarter, the most followed on Wall Street and to which the US market reacted on Tuesday, Citigroup’s net profit increased by 15% year-on-year to 4,979 million and its turnover rose by 7% to 18,378 million.

Analysts at the New York Stock Exchange saw their expectations exceeded with regard to quarterly earnings per share, which were 2.15 dollars compared to the estimated 1.81, and also turnover, of which they expected some 17.9 billion.

Citi’s CEO, Michael Corbat, highlighted the fourth-quarter profits and attributed them to “good interaction with clients”, which generated “balanced growth” in the bank’s different products and geographic areas.

In addition, Corbat noted that Citigroup’s investment banking “continues to gain share and, despite a low rate environment, the Treasury and Trade Solutions business had higher revenues as we work to ensure that our global network is indispensable to our clients”.

The bank reported that its institutional client business generated 10% more net income in the fourth quarter, to $2.9 billion, “reflecting strong performance in the fixed income markets” and in investment banking.

Specifically, turnover from its fixed income operations increased by 49% in the last quarter of the year to 2.9 billion, and turnover from stock market related services increased by 28% to 3.9 billion.

On the other hand, the global consumer banking business had a 12% increase in profits, to 1,600 million, thanks to the higher turnover and lower expenses, although the cost of credit to the entity increased, according to the note.

Minutes after the opening of the New York Stock Exchange session, the value of Citigroup’s shares rose by 1.88%, with the markets reacting positively. Last year, they rose by around 34%.

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