NEW YORK, Jan 19: US banking titan Citigroup announced a 26 per cent drop in its latest quarterly profits on Friday, attributing the earnings slowdown to a one-time gain a year ago and the overhaul of its Japanese operations.

However, Citigroup -- one of the world's largest financial institutions still posted hefty fourth quarter net profits of $5.13 billion, more than the combined profits of Merrill Lynch, Apple and American Airlines.

Citigroup reported earnings per share of $1.03, two cents better than most Wall Street analysts had anticipated.—AFP