10:17 AM EST, 01/15/2025 (MT Newswires) -- Citigroup ( C ) said Wednesday it swung to a higher-than-expected fourth-quarter profit while revenue topped market estimates, aided by growth in each of the lender's business segments.

Net income came in at $1.34 a share for the December quarter, compared with a loss of $1.16 the year before, surpassing the FactSet-polled consensus for GAAP earnings of $1.22 per share. Overall revenue, net of interest expenses, advanced 12% to $19.58 billion, ahead of the Street's view for $19.51 billion.

The lender's shares rose 6.1% in Wednesday trade.

Banking revenue, including loan hedge gains, grew 27% to $1.24 billion, boosted by a 35% jump in investment banking amid higher fees. Markets revenue climbed 36% to $4.58 billion driven by fixed income and equity market growth.

Revenue within the services business increased 15% to $5.18 billion amid gains in treasury and trade solutions and securities services. Wealth revenue advanced 20% to $2 billion, while US personal banking rose 6% to $5.23 billion.

Operating expenses fell to $13.19 billion from nearly $16 billion in the prior-year quarter. The company's total allowance for credit losses was roughly $22.2 billion at the end of the fourth quarter, compared with $21.8 billion last year.

"2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses," Chief Executive Jane Fraser said in a statement. The company exceeded its full-year revenue target, delivered expenses within its guidance range and improved its efficiency ratio, Fraser said.

For 2025, Citigroup ( C ) expects revenue to come in between $83.5 billion and $84.5 billion, according to an investor presentation. The Street is looking for $83.37 billion. The lender recorded a 3% gain in 2024 revenue to $81.14 billion.

Citigroup ( C ) said its board on Monday approved a new multi-year $20 billion share repurchase program beginning in the ongoing quarter.

Price: 77.00, Change: +3.50, Percent Change: +4.76