Citigroup's Profitable Turnaround: A Boost from Trading and Dealmaking

Citigroup posted a profit in Q4, driven by robust trading and a rebound in dealmaking. The U.S.'s third-largest lender reported a net income of $2.9 billion, or $1.34 per share, as compared to a loss of $1.8 billion, or $1.16 per share, in the previous year.

Citigroup has made a significant turnaround by posting a profit in the fourth quarter, attributing success to its trading strength and resurgent dealmaking activities. These factors largely contributed to an increase in investment banking fees.

The bank, ranked as the third-largest lender in the United States, disclosed a net income of $2.9 billion, or $1.34 per share, for the quarter ending on December 31. This marks a significant recovery from the same period a year ago when Citigroup experienced a loss of $1.8 billion, or $1.16 per share.

This return to profitability underscores the bank's ability to capitalize on favorable market conditions and strategic business shifts, signaling a positive outlook for future financial performance.

(With inputs from agencies.)