Summary
Citigroup Inc. reported a net income of $2.2 billion, or $0.07 per diluted share, for the third quarter of 2010. This includes a $435 million after-tax loss from the sale of The Student Loan Corporation, which is reflected in discontinued operations. Total revenues decreased by 10% to $20.7 billion compared to the prior year, primarily due to lower revenues in Citi Holdings and a decrease in Securities and Banking revenues, partially offset by a positive credit valuation adjustment (CVA). Citicorp, the core banking segment, generated a net income of $3.5 billion, driven by strong performance in Regional Consumer Banking (up 75% year-over-year) and Institutional Clients Group (up 31% year-over-year). Citi Holdings, however, reported a net loss of $1.1 billion, largely due to a decline in Local Consumer Lending revenues and lower net revenue marks in the Special Asset Pool. Net credit losses improved by 30% year-over-year, marking the fifth consecutive quarter of improvement, with consumer net credit losses down 29% on a comparable basis. The company's capital position strengthened, with the Tier 1 Common ratio increasing to 10.33% and the Tier 1 Capital ratio to 12.50%.
Financial Highlights
33 data points| Revenue | $20.74B |
| Operating Expenses | $11.52B |
| Operating Income | $9.46B |
| Interest Expense | $6.18B |
| Net Income | $2.17B |
| EPS (Basic) | $0.74 |
| EPS (Diluted) | $0.72 |
| Shares Outstanding (Basic) | 2.89B |
| Shares Outstanding (Diluted) | 2.98B |
Key Highlights
- 1Net income of $2.2 billion ($0.07 per diluted share), impacted by a $435 million after-tax loss from discontinued operations (sale of The Student Loan Corporation).
- 2Total revenues of $20.7 billion, down 10% year-over-year, primarily due to lower revenues in Citi Holdings.
- 3Citicorp reported a net income of $3.5 billion, with strong growth in Regional Consumer Banking (up 75%) and Institutional Clients Group (up 31%).
- 4Citi Holdings reported a net loss of $1.1 billion, impacted by lower Local Consumer Lending revenues and reduced Special Asset Pool marks.
- 5Net credit losses improved 30% year-over-year, reaching $7.7 billion, with consumer net credit losses down 29%.
- 6Tier 1 Common ratio increased to 10.33% and Tier 1 Capital ratio improved to 12.50%, reflecting a strengthening capital position.
- 7Total deposits increased 4% sequentially to $850 billion, up 2% year-over-year.