Citi Swings to a Profit and Announces $20B Stock Buyback

Earnings Performance - Citigroup reported a net income of $2.86 billion for Q4, a significant improvement from a loss of$1.84 billion in the same quarter last year [1] - Diluted earnings per share (EPS) increased to $1.34, compared to a loss of$1.16 per share in the previous year, surpassing consensus estimates [1] Revenue and Costs - Revenue, net of interest expense, rose 12% year-over-year to $19.58 billion, exceeding estimates [3] - The cost of credit decreased by 27$2.59 billion, contributing to the boost in net income [3] Strategic Performance and Future Plans - CEO Jane Fraser stated that 2024 was a critical year, with results indicating that the company's strategy is delivering stronger performance [3] - The board of directors approved a $20 billion stock buyback program, set to begin this quarter [3] Market Reaction - Shares of Citigroup gained nearly 4% in pre-market trading following the earnings report [2]