CITIGROUP REPORTS BIG REBOUND IN Q4 PROFITS

Citigroup is reporting its profits rose by 9 percent on an adjusted basis from a year earlier, helped by a lower tax rate and a reduction in expenses. Citi said Monday it earned $4.31 billion, or $1.64 per share, in the last three months of 2018. That compares to the fourth quarter of 2017, when Citi reported an $18.89 billion net loss. The loss was mostly an accounting adjustment, caused by the impact of the then-new tax law that required Citi to write off billions of dollars of what are known as tax-deferred assets.

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