A near-50% surge in fixed income revenues at Citigroup in the fourth quarter of 2019 helped push up profits across the bank and beat market expectations for the year.

The US bank posted profits of $5bn in the fourth quarter of 2019, a 15% gain on the same period last year. For the full year it made profits of $19.4bn, an 8% gain on 2018 and ahead of analysts’ expectations. Revenues rose slightly by 2% to $74.3bn.