Tuesday, January 19, 2010 8:14:13 AM
C Citigroup reports EPS in-line, misses on revs (3.42 )
Reports Q4 (Dec) loss of $7.6 bln or $0.33 per share, in-line with the First Call consensus of ($0.33). Losses were $1.4 bln or $0.06 per share excluding the repayment and exit of TARP. Citigroup fourth quarter revenues were $5.4 billion, or $15.5 billion excluding the loss on the repayment of TARP and exiting the loss-sharing agreement, compared to First Call consensus of $18.4 bln. Revenues were down from $20.4 billion in the prior quarter which included a $1.4 billion gain from the extinguishment of debt associated with the exchange offers. Tier 1 Capital Ratio is 11.7% and Tier 1 Common Ratio is 9.6%. Allowance for Loan Losses stands at $36.0 Billion, or 6.1%, the provision for loan losses in the fourth quarter was $8.2 billion, down 36% from the prior year and 10% from the prior quarter. Fourth quarter net credit losses of $7.1 billion were down $0.8 billion from the prior quarter, marking the second consecutive quarter of improvement. Fourth quarter managed revenues were $7.9 billion, or $17.9 billion excluding a $10.1 billion pre-tax loss associated with the TARP repayment and exiting the loss-sharing agreement. Citigroup fourth quarter consumer managed net credit losses were $8.9 billion, down 6% sequentially, driven by lower losses across most consumer lending portfolios, due in part to loss mitigation efforts. Total corporate net credit losses declined sequentially to $1.1 billion in the fourth quarter, from $1.5 billion, reflecting continued stabilization in corporate credit quality, and declines in the size of the portfolio.
Reports Q4 (Dec) loss of $7.6 bln or $0.33 per share, in-line with the First Call consensus of ($0.33). Losses were $1.4 bln or $0.06 per share excluding the repayment and exit of TARP. Citigroup fourth quarter revenues were $5.4 billion, or $15.5 billion excluding the loss on the repayment of TARP and exiting the loss-sharing agreement, compared to First Call consensus of $18.4 bln. Revenues were down from $20.4 billion in the prior quarter which included a $1.4 billion gain from the extinguishment of debt associated with the exchange offers. Tier 1 Capital Ratio is 11.7% and Tier 1 Common Ratio is 9.6%. Allowance for Loan Losses stands at $36.0 Billion, or 6.1%, the provision for loan losses in the fourth quarter was $8.2 billion, down 36% from the prior year and 10% from the prior quarter. Fourth quarter net credit losses of $7.1 billion were down $0.8 billion from the prior quarter, marking the second consecutive quarter of improvement. Fourth quarter managed revenues were $7.9 billion, or $17.9 billion excluding a $10.1 billion pre-tax loss associated with the TARP repayment and exiting the loss-sharing agreement. Citigroup fourth quarter consumer managed net credit losses were $8.9 billion, down 6% sequentially, driven by lower losses across most consumer lending portfolios, due in part to loss mitigation efforts. Total corporate net credit losses declined sequentially to $1.1 billion in the fourth quarter, from $1.5 billion, reflecting continued stabilization in corporate credit quality, and declines in the size of the portfolio.
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