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Citigroup 4th Quarter Loss Narrows to 7.58 bln USD
Jan 20,2010 09:46CST
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Source:SMM

NEW YORK, Jan. 20 -- Citigroup Inc. managed to bring its net loss to 7.58 billion U.S. dollars in the fourth quarter last year, in line with analysts' expectations, according to its earnings result released on Tuesday.

Citi, which suffered most among major U.S. banks from the financial crisis, reported a loss of 33 cents a share, compared with a loss of 3.40 dollars per share one year earlier.

For the full year 2009, Citi's loss was 1.6 billion dollars, or 80 cents a share.

Citi's revenue fell 4.3 percent to 5.41 billion dollars in the fourth quarter, according to the bank's statement. Managed revenue excluding the costs of the TARP repayment was 17.9 billion dollars, lower than analysts' estimates.

However, Citi showed an improvement in losses from consumer loans in the United States, Asia, and Latin America. The bank's loan-loss provision was 8.2 billion dollars, 36 percent lower than the prior year and 10 percent lower than the previous quarter. Citi's net credit losses fell to 7.1 billion dollars sequentially from 7.9 billion dollars.

Citi shares gained 12 cents, or 3.51 percent, to 3.54 dollars per share in New York trading on Tuesday.


 

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