Citigroup's securities and banking arm reported that net profits in the fourth quarter more than halved, compared with the previous three months, although the division succeeded in pushing full-year profits up 54% to $9.2bn (€6.4bn).

Full-year profits from continuing operations at Citigroup's securities and banking arm climbed from $6bn in 2008 to $9.2bn, while fourth-quarter profits, at $336m, were less than half the $755m figure in the third quarter. However, the quarterly result stood in contrast to a loss in the final three months of 2008.