Citigroup sees Q4 earnings climb 96%

Citigroup has reported a near doubling of Q4 earnings from the corresponding period a year earlier.

The world's largest financial group saw net income rise 96% to €4.76bn from €2.43bn, when profits were impacted by one-off litigation costs.

This saw the financial giant pay $1.3bn (€1.03bn) as part of a settlement with regulators after an investigation into its relationship with Enron.

Its Q4 report was the company's first with Charles Prince as its chief executive, who replaced Sanford I Weill in October 2003.

Prince said today : "Citigroup's record 2003 performance exemplifies the earnings power of our best-in-class businesses and the strength of our extraordinary model.

"We are entering 2004 in an excellent business position," Prince added.