NEW YORK (AP) - Citigroup's profits jumped sharply in the fourth quarter, helped lower legal and regulatory costs that hammered the bank in the fourth quarter of 2014.

NEW YORK (AP) Citigroup's profits jumped sharply in the fourth quarter, helped lower legal and regulatory costs that hammered the bank in the fourth quarter of 2014.

The New York-based financial conglomerate said Friday it had a profit of $3.34 billion in the three month period ending in December, or $1.02 per share. That's compared to a profit of $344 million, or 6 cents per share.

Removing an adjustment tied to the value of Citigroup's debt, Citi earned $3.45 billion, or $1.06 per share. Analysts were looking for Citi to earn $1.05 per share, according to FactSet.

Citi's revenue was $18.46 billion compared with $17.90 billion the year before. Citi's expenses dropped 23 percent, most of that tied to lower legal expenses.

Citigroup shares fell 2.5 percent in pre-market trading.