Citigroup made a net income of $11,370m in 2020, a 41% drop from the $19,401m in 2019.

In terms of the bank’s Q4 2020, it saw net income of $4,632m, a 7% drop year-on-year. However, it was a 47% rise from Q3 2020.

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Revenues for the group totalled $16.5bn in the quarter. They had decreased 10% year-on-year due to lower revenues in global Consumer Banking (GCB), Institutional Clients Group (ICG), and corporate/other.

Citi Private Bank saw $894m revenue in Q4 2020, a 6% growth from the $847m in Q4 2019. Furthermore, the year reported revenues of $3,737m, 8% up from the $3,460m in 2019. This was driven by “strong client engagement” as well as improved managed investments revenues and higher lending.

Citigroup CEO on 2020

Michael Corbat, Citi CEO, said: “We ended a tumultuous year with a strong fourth quarter. As a sign of the strength and durability of our diversified franchise, our revenues were flat to 2019, despite the massive economic impact of COVID-19. For the year, we generated $11 billion in net income despite our credit reserves increasing by $10 billion as a result of the pandemic and the impact of CECL.

“We remain very well capitalised with robust liquidity to serve our clients. Our CET 1 ratio increased to 11.8%, well above our regulatory minimum of 10%. Our Tangible Book Value per share increased to $73.83, up 5% from a year ago. Given the Federal Reserve decision regarding share repurchases as we have excess capital we can return to shareholders, we plan to resume buybacks during the current quarter.

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“Looking back, I am proud of the progress the firm has made since I became CEO. We have streamlined our consumer business and embraced the shift to digital so we can serve our clients the way they want to be served. We have re-established Citi as a go-to bank for our institutional clients through our global network.

“Before the pandemic slowed our progress, we had steadily improved our returns and dramatically increased the return of capital to our shareholders. Notably, we went from having a one penny dividend to returning over $85 billion in capital since 2013 and we have reduced our share-count by 30%. Jane has a great foundation to build upon and I am certain great things are in store for Citi and all its stakeholders.”