Citigroup Inc. (NYSE:C) reported net income for the fourth quarter 2018 of $4.3 billion, or $1.64 per diluted share, on revenues of $17.1 billion.
This compared to a net loss of $18.9 billion, or $7.38 per diluted share, on revenues of $17.5 billion for the fourth quarter 2017.
Fourth-quarter 2017 included a one-time, non-cash charge of $22.6 billion, or $8.66 per share, recorded in the tax line related to the enactment of the Tax Cuts and Jobs Act (Tax Reform).
Fourth-quarter 2018 included a one-time benefit of $94 million, or $0.03 per share, recorded in the tax line in Corporate / Other, due to the finalization of the provisional component of the impact based on Citi’s analysis as well as additional guidance received from the U.S. Treasury Department related to Tax Reform.
For the full year 2018, Citigroup reported net income of $18.0 billion on revenues of $72.9 billion, compared to a net loss of $6.8 billion on revenues of $72.4 billion for the full year 2017. Excluding the one-time impact of Tax Reform, Citigroup net income of $18.0 billion increased 14% compared to the prior year.
Citi CEO Michael Corbat said, "We made solid progress throughout 2018 towards our longer-term financial targets, ending the year with an RoTCE of 10.9% and an efficiency ratio of 57%. Our institutional and consumer franchises each grew revenue on a full year basis and we continued to invest in our people and technology in order to better serve our clients."
C shares began Monday up 73 cents, or 1.3%, to $57.36
