Financial figures published by the bank revealed that it recorded a profit of $1.3 billion or $0.04 per share for the last quarter of last year when compared with a loss of $7.6 billion, or $0.33 per share in the same period the previous year.
Citigroup posted a total year profit of $10.6 billion or $0.35 per share when compared with a loss of $1.6 billion, or $0.80 per share for the previous year.
Vikram Pandit, chief executive officer at Citigroup, said: â2010 was a year full of milestones and was critical for the turnaround of this institution.
âOur goal was to achieve consistent profitability and I am very pleased that with our fourth consecutive profitable quarter, we earned $10.6 billion for the year.â
Further figures showed that Citigroupâs provision for credit losses fell by a half to $26 billion.
Although the results for the both the quarter and the year both showed that the bank had improved, analysts predicted a better performance - and as such Citigroupâs share price dropped by four per cent on Wall Street following the announcement.
By Jim Ottewill