Citigroup adjusted profit rises 14 percent on lower expenses

Citigroup Inc reported a 14 percent rise in adjusted quarterly profit on Monday, as lower expenses offset a decline in revenue in its fixed-income business.

Excluding a one-time tax-related gain, profit rose to $4.22 billion, or $1.61 a share, in the fourth quarter ended Dec.31 from $3.70 billion, or $1.28 a share, a year earlier. 

Revenue fell 2 percent to $17.12 billion.

Analysts were expecting quarterly revenue of $17.55 billion, according to IBES data from Refinitiv.