Citigroup Shares jumped Wednesday after fourth-quarter earnings beat estimates on top and bottom lines, reflecting overall strength across the bank.

“2024 was a critical year and our results show that our strategy is working as intended, driving stronger performance across our businesses. Our net income increased nearly 40% to $12.7 billion and we exceeded our full-year revenue target, including record years in Services,” Wealth and US Personal Banking, CEO Jane Fraser said in a press release.

Shares rose about 5% in premarket trading.

Here’s how the company performed compared to LSEG analyst consensus estimates:

• Earnings: $1.34 per share vs. $1.22 expected
• Revenue: $19.58 billion vs. $19.49 billion expected

Citi posted a net income of $2.86 billion, an improvement from a net loss of $1.84 billion a year ago, when its results were hit by a series of charges Citi booked in the final period of 2023 .

The bank said it expects a return on tangible common equity of between 10% and 11% in 2026 as it continues to invest and transform its business. This range is below the Bank’s stated medium-term target of 11% to 12%.

“This level is a waypoint, not a destination. We intend to improve returns well above this level and realize Citi’s full potential for our shareholders,” said Fraser.

Citi also announced a $20 billion share buyback.

The bank reported growth in several different business areas in the fourth quarter. Investment banking in particular was a bright spot, with revenue increasing 35% year over year to $925 million. Citi said continued momentum in investment-grade corporate bond issuance helped boost this business line. As a result, total bank revenues increased by 12% and even increased to 27% when taking into account the impact of loan protection.

Markets revenue rose 36% year over year to $4.58 billion, with both fixed income and equity businesses growing. According to StreetAccount, bond market revenue came in at $3.48 billion, well above analysts’ forecast of $2.95 billion.

Sales in the wealth and services divisions increased 20% and 15%, respectively, year-on-year.

Citi’s borrowing costs were $2.59 billion in the quarter. That was down from $3.55 billion a year ago and $2.68 billion in the third quarter. The bank increased its loan loss allowance by a net $203 million, which was also lower than in prior periods.

At the analyst conference later on Wednesday, investors will look for progress updates on Fraser’s turnaround efforts. Fraser took over the bank in March 2021 and focused on streamlining the company, including selling some international units.

Citi stock performed strongly in 2024, rising nearly 37% year-over-year. The stock was up more than 4% so far this year through Wednesday.