Citigroup said its board of directors authorized a new multiyear $20 billion stock buyback program that will begin in the first quarter of 2025, helping to trigger a surge in the share price. CFO Mark Mason said the planned buyback reflects confidence in the bank’s strategy.

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Citigroup Inc.’s C fourth-quarter 2024 adjusted net income per share of $1.34 surpassed the Zacks Consensus Estimate of $1.25. The company had incurred a loss of $1.16 in the fourth quarter of 2023. For 2024,

Citigroup on Wednesday reported fourth quarter net income of $2.9 billion, compared to a net loss of $1.8 billion in the prior-year period, fuelled by higher revenues, lower expenses and lower cost of credit.

Growth in investment banking and equity markets revenue helped drive a better-than-expected report for Citi in the third quarter, and those could be sources of strength again in the fourth quarter. Citi's stock was a strong performer in 2024,

Citigroup on Wednesday reported stronger-than-expected fourth-quarter profit and revenue, while authorizing a $20 billion share buyback program, sending its shares by more than 2% before the bell. The bank posted a net income of $2.