Citigroup Inc. (C) has reported an 869.48 percent jump in profit for the quarter ended Dec. 31, 2015. The company has earned $3,335 million in the quarter, compared with $344 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $3,449 million, or $1.06 a share compared with $340 million or $0.06 a share, a year ago.
Revenue during the quarter grew 3.11 percent to $18,456 million from $17,899 million in the previous year period. Non-interest income for the quarter rose 20.61 percent over the last year period to $6,993 million.
Citigroup Inc. has made provision of $2,514 million for loan losses during the quarter, up 24.89 percent from $2,013 million in the same period last year.
Efficiency ratio for the quarter improved to 60 percent from 81 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Michael Corbat, chief executive officer of Citigroup Inc. said, "Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets."
Assets, liabilities fall
Total assets stood at $1,731,210 million as on Dec. 31, 2015, down 6.04 percent compared with $1,842,530 million on Dec. 31, 2014. On the other hand, total liabilities stood at $1,508,118 million as on Dec. 31, 2015, down 7.50 percent from $1,630,485 million on Dec. 31, 2014.
Deposits outpace loan growth
Net loans stood at $604,991 million as on Dec. 31, 2015, down 3.76 percent compared with $628,641 million on Dec. 31, 2014. Deposits stood at $907,887 million as on Dec. 31, 2015, up 0.95 percent compared with $899,332 million on Dec. 31, 2014.
Investments stood at $342,955 million as on Dec. 31, 2015, up 2.85 percent or $9,512 million from year-ago. Shareholders equity stood at $221,857 million as on Dec. 31, 2015, up 5.38 percent or $11,323 million from year-ago.
At the same time, return on average equity increased 550 basis points to 5.90 percent in the quarter from 0.40 percent in the last year period.
Book value per share was $69.46 for the quarter, up 5.16 percent or $3.41 compared to $66.05 for the same period last year.
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