Citigroup (NYSE: C) posted mixed fourth-quarter results, exceeding earnings expectations on an adjusted basis while falling short of revenue forecasts, sending shares down roughly 3% intraday on Wednesday.

The bank reported net income of $2.5 billion, or $1.19 per diluted share, on revenue of $19.9 billion for the quarter ended in December. This compared with net income of $2.9 billion, or $1.34 per share, on revenue of $19.5 billion in the prior-year period.

Results included a $1.2 billion pre-tax loss, or $1.1 billion after tax, related to the sale of Citigroup's Russian unit, AO Citibank, to Renaissance Capital, a transaction approved by the board last month. The loss was largely driven by currency translation effects.

Excluding the Russia-related charge, earnings per share were $1.81, exceeding the consensus estimate of $1.70. However, revenue fell short of analyst expectations of $20.55 billion.

Net income declined year over year, which the bank attributed to higher expenses, including income tax costs associated with the limited tax benefit of the Russia-related charge. These factors were partly offset by higher underlying revenue and a lower provision for credit losses. On an adjusted basis, excluding the Russia item, net income was $3.6 billion.

Chief Executive Jane Fraser said 2025 marked a year of significant progress for the company, highlighted by record revenues and positive operating leverage across all five business segments.