Citigroup Inc. (NYSE:C) reported Q4 net income of $1.3 billion, or $0.04 per diluted share, compared to a net loss of $7.6 billion, or $0.33 per diluted share, in the fourth quarter of 2009.
Citigroup net income for full year 2010 was $10.6 billion, or $0.35 per diluted share, compared to a net loss of $1.6 billion, or $0.80per share, in 2009.
The company’s revenues in the fourth quarter 2010 were $18.4 billion including negative CVA of $1.1 billion. Excluding CVA, the revenues of $19.5 billion were down 6% from the prior quarter, principally driven by lower Securities and Banking revenues and lower gains on sale of AFS securities.
On other hand, Citicorps' net income remained strong in 2010 at $14.9 billion, while Citi Holdings net loss decreased 52%, from $8.9 billion to $4.2 billion, when compared to 2009. Citi Holdings' assets stood at $359 billion at the end of 2010, down from $487 billion at the end of 2009. This performance helped Citi to continue to improve its capital strength, as its Tier 1 Common ratio increased from 9.6% to 10.7% over the course of the year.
At the same time, Citi continued to wind down Citi Holdings in an economically rational manner, reducing assets by $128 billion in 2010 alone. Holdings' total assets were reported to have declined by more than half from their peak in 2008 to $359 billion, which proves less than 20% of its balance sheet.
The group last traded at $4.89, down 4.68%.
