NEW YORK (AP) — NEW YORK (AP) — Citigroup Inc. (C) on Wednesday reported fourth-quarter net income of $2.47 billion.

The New York-based company said it had earnings of $1.19 per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $1.81 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.

The U.S. bank posted revenue of $40.85 billion in the period. Its revenue net of interest expense was $19.87 billion, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $20.94 billion.

Citigroup shares have declined slightly since the beginning of the year, while the S&P’s 500 index has increased roughly 2%. The stock has climbed 60% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on C at https://www.zacks.com/ap/C