Citigroup Q4 profit falls 11% to $1.17bn
Citigroup has reported a net income of $1.17bn, or $0.38 per diluted share, for the fourth quarter of 2011, compared to $1.31bn, or $0.43 per diluted share, for the same period in 2010.
The total revenues for the fourth quarter of 2011 were $17.17bn, down 7%, compared to $18.37bn for the same period a year ago.
Fourth quarter revenues included $40m for credit valuation adjustment and debt valuation adjustment, as credit spreads tightened during the quarter.
The company's Citicorp division posted 8% decline in revenues to $14.1bn during the quarter, primarily due to lower revenues in Securities and Banking.
Citigroup CEO Vikram Pandit said that in 2011, the company increased its net income to $11.3bn, up 6% from the previous year.
"With Citi Holdings assets at 12% after the transfer of retail partner cards to Citicorp, we are increasingly focused on driving earnings through our core franchise and beginning to return capital to our shareholders this year," added Pandit.
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