For the year 2022, US-based Citigroup has reported net income of $14.8 billion on revenues of $75.3 billion, compared to a net income of $22.0 billion on revenues of $71.9 billion for 2021.
Citigroup reported net income for the fourth quarter of 2022 of $2.5 billion, or $1.16 per diluted share, on revenues of $18.0 billion. The higher cost of credit also reflected higher net credit losses, primarily driven by ongoing card normalization, particularly in retail services. US personal banking revenues of $4.4 billion increased 10%. Branded cards revenues of $2.4 billion increased 15%, primarily driven by the higher net interest income. In branded cards, card spend volumes increased 9% and average loans increased 13%.
Citi CEO Jane Fraser said, “One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders and I am pleased with the significant progress we have already made in terms of our Transformation, simplification and strengthening our five interconnected businesses, some of which delivered excellent results this quarter. Our cards businesses had double-digit revenue growth for the second straight quarter, and we continue to make progress on our international consumer exits, closing five sales to date.”