Financial services company Citigroup said today fourth-quarter profit rose 12 per cent on growth in its consumer and investment banking businesses.
The New York-based company also increased its quarterly dividend by 10 per cent. Net income rose to $5.32 billion from $4.76 billion a year earlier.
The results included a $244 million after-tax charge for the closing of Citigroup's private bank in Japan, and a $131 million after-tax reserve for the expected settlement of an SEC investigation into transfer agent matters.
Revenue rose 9 per cent to $21.9 billion, topping analysts' forecast of $21.5 billion.
Chief Executive Mr Charles Prince Prince is trying to repair Citigroup's reputation. The company last year set aside $4.95 billion for WorldCom and other lawsuits, came under European regulatory scrutiny after placing an €11 billion bond trade that roiled markets, and was ordered to close the Japanese private bank.
Consumer profit rose 7 per cent to $3.1 billion on revenue of $13.2 billion. Income from credit cards rose 27 per cent to $1.44 billion, retail banking rose 7 per cent to $1.13 billion, and consumer finance rose 22 per cent to $584 million.