Citigroup Inc. (NYSE: C)
January 19, 2010
Citigroup Reports 2009 Full Year Managed Revenues1 of $91.1 Billion and Expenses of $47.8 Billion
Full Year 2009 Net Loss of $1.6 Billion
Fourth Quarter Net Loss of $7.6 Billion ($0.33 Per Share); $1.4 Billion ($0.06 Per Share) Excluding The Impact of Tarp Repayment and Exit of Loss-Sharing Agreement
Net Credit Losses Lower for Second Consecutive Quarter
Tier 1 Capital Ratio of 11.7% and Tier 1 Common Ratio2 of 9.6%
Tier 1 Common of $104.6 Billion and Allowance for Loan Losses of $36.0 Billion
Citicorp 2009 Net Income of $14.7 Billion, Up from $6.1 Billion in 2008
Citi Holdings Assets Down $168 Billion or 23% in 2009, and $351 Billion from Peak Levels
New York – Citigroup today reported a full year 2009 net loss of $1.6 billion, or $0.80 per share. Managed revenues were $91.1 billion for the year. The fourth quarter 2009 net loss was $7.6 billion, or $0.33 per share. Excluding the $6.2 billion after-tax loss associated with TARP repayment and exiting the loss-sharing agreement, the fourth quarter net loss was $1.4 billion or $0.06 per share.
The provision for loan losses3 in the fourth quarter was $8.2 billion, down 36% from the prior year and 10% from the prior quarter.
"We have made enormous progress in 2009," said Vikram Pandit, Chief Executive Officer of Citigroup. "It was our responsibility to get our own house in order. We greatly improved Citi's capital strength, reduced the size and scope of the company, and refocused our business strategy to take advantage of our unmatched global network. We created Citi Holdings to rationalize non-strategic businesses, totally overhauled risk management, cut costs by over $13 billion annually, reduced headcount by 100,000, and reduced assets by $500 billion from peak levels. And to take advantage of all these changes, we assembled a talented new management team focused on the new Citicorp franchise to move us forward.