Citigroup adjusted profit rises 21 pct as expenses decline

Reuters With CNBC
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Citigroup's quarterly profit rose 21 percent as expenses declined and the company drew down reserves it had taken against bad mortgage loans.

After the earnings announcement, the company's shares fell in pre-market trading. (Click here to get the latest quotes.)

Fourth-quarter adjusted net income rose to $2.60 billion, or 82 cents per share, from $2.15 billion, or 69 cents per share, in the same period of 2012, the third-largest U.S. bank said on Thursday.

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Net income as reported under Generally Accepted Accounting Principles (GAAP) rose to $2.69 billion, or 85 cents per share, from $1.20 billion, or 38 cents a share, a year earlier.

The year-earlier GAAP results were reduced by charges relating to reorganizing operations and cutting jobs of $653 million, or 21 cents per share.

The company posted fourth-quarter earnings excluding items of 82 cents per share, up from 69 cents a share in the year-earlier period. Revenue slipped to $17.8 billion from $18.66 billion a year ago.

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Analysts had expected to report earnings excluding items of 95 cents a share on $18.18 billion in revenue, according to a consensus estimate from Thomson Reuters.

By Reuters. CNBC contributed to this report.