Citigroup ( C ) reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday.

Citi's net income for the fourth quarter was $2.86 billion, up from a loss of $1.84 billion a year ago, while diluted earnings per share (EPS ) climbed to $1.34 from a loss of $1.16, beating consensus estimates compiled by Visible Alpha.

The bank's revenue, net of interest expense, rose 12% year-over-year to $19.58 billion, topping estimates. Citi’s cost of credit was $2.59 billion, down 27% from a year earlier, which the bank said helped boost net income.

“2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses,” CEO Jane Fraser said in a release.

Citi also said its board of directors approved a $20 billion stock buyback program that will begin this quarter.

Shares of Citi gained close to 4% in pre-market trading Wednesday following the results.

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