Citigroup Inc. posted earnings that missed expectations, weighed by a drop in fixed income and mortgage banking trading. The U.S. third-biggest bank said fourth-quarter adjusted net income rose to $2.60 billion , or 82 cents per share, from $2.15 billion , or 69 cents per share, in the same period of 2012, the third-largest U.S. bank said on Thursday. Revenue from fixed income trading fell 15 per cent in the quarter from a year ago to $2.3bn . North America consumer banking revenues declined 8 per cent to $4.9bn , primarily reflecting lower US mortgage refinances activity, the bank said. Return on equity for the quarter was 5.3 percent. By contrast, Wells Fargo & Co. reported a 13.8 percent ROE, JPMorgan Chase & Co.'s were 10 percent and Bank of America Corp. posted 5.7 percent. New York -based JPMorgan is the biggest U.S. bank by assets and Bank of America , based in Charlotte , North Carolina , is second. San Francisco -based Wells Fargo has the highest market value . Quarterly revenue excluding an accounting charge tied to the value of the firm's own debt and other items declined 2 percent to $17.9 billion . For the full year, net income rose 84 percent to $13.9 billion on a 10 percent increase in revenue to $76.4 billion . Following the announcement, the company's share fell 3.22% to $53.20 in pre-market trading.
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