Mubasher: Citigroup on Tuesday announced it incurred a one-time charge of $22 billion in profits due to the US tax reform.

Figures, however, beat forecasts, as growth in the lender's global consumer banking business has offset the lower trading revenue.

As a result, the bank’s shares went up 2.8% to $79 in the pre-market trading, which marked the highest price level since 2008.

Citigroup reported losses of $18.3 billion during the fourth quarter ended 31 December after discounting the charge caused by the new tax overhaul.

Adjusted earnings per share (EPS) reached $1.28 in Q4-17, down from analysts’ expectations of $1.19 EPS.

Revenues rose 1% to $17.3 billion in the aforementioned period, compared with the same period of the previous year, matching the economists’ forecasts.

On Friday, JP Morgan Chase (JPM) reported a profit decline of 37% in Q4 after a $2.4 billion one-time charge due to the US tax reform.