Citigroup reports fourth quarter net loss of $7.6 billion
19 Jan 2010
Citigroup Inc today reported fourth quarter 2009 net loss of $7.6 billion, or $0.33 per share, and a full year 2009 net loss of $1.6 billion, or $0.80 per share.
The company also completed the repayment of $20 billion invested in the company by the US government through the Troubled Asset Relief Program (TARP) and exited the loss-sharing agreement with the government.
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, Citigroup said in a release.
Citigroup 2009 managed revenues increased 49 per cent to $91.1 billion, up from $61.2 billion in 2008 reflecting, in part, the absence of significant marks taken in 2008, it said.
Full year operating expenses declined 31 per cent to $47.8 billion. Excluding goodwill impairments and restructuring/repositioning charges recorded in 2008, operating expenses were down 15 per cent.
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, down from $23.1 billion in the third quarter, which included a $1.4 billion pre-tax gain from the extinguishment of debt associated with the exchange offers.
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