C Citigroup Inc.

[SEB]

Resumen 4to trimestre

Citigroup Reports Fourth Quarter 2013 Earnings per Share of $0.85; $0.82 Excluding CVA/DVA1 and Impact of the Credicard Divestiture2

Fourth Quarter Net Income of $2.7 Billion; $2.6 Billion Excluding CVA/DVA and Impact of the Credicard Divestiture

Fourth Quarter Revenues of $17.8 Billion; $17.9 Billion Excluding CVA/DVA

Fourth Quarter Net Credit Losses of $2.5 Billion Declined 15% Versus Prior Year Period

Utilized Approximately $600 Million of Deferred Tax Assets

Estimated Basel III Tier 1 Common Ratio of 10.5%3

Estimated Basel III Supplementary Leverage Ratio of 5.4%4

Book Value Per Share Increased to $65.31

Tangible Book Value Per Share5 Increased to $55.38

Citigroup Deposits of $968 Billion Grew 4% Versus Prior Year Period

Citicorp Loans of $575 Billion Grew 7% Versus Prior Year Period

Citi Holdings Assets of $117 Billion Declined 25% from Prior Year Period and Represented 6% of Total Citigroup Assets at Year End 2013
New York - Citigroup Inc. today reported net income for the fourth quarter 2013 of $2.7 billion, or $0.85 per diluted share, on revenues of $17.8 billion. This compared to net income of $1.2 billion, or $0.38 per diluted share, on revenues of $17.9 billion for the fourth quarter 2012.

CVA/DVA was a negative $164 million ($100 million after-tax) in the fourth quarter, mainly resulting from the improvement in Citigroup's credit spreads, compared to negative $485 million ($301 million after-tax) in the prior year period. Excluding CVA/DVA, fourth quarter revenues were $17.9 billion, down 2% from the prior year period. Fourth quarter 2013 results also included a $189 million after-tax benefit related to the divestiture of Citi's Credicard business in Brazil, while results in the prior year period included a $1.0 billion repositioning charge ($653 million after-tax). Excluding CVA/DVA, the impact of the Credicard divestiture in the fourth quarter 2013 and the fourth quarter 2012 repositioning charge,6 earnings were $0.82 per diluted share, up 19% from the prior year period.

Michael Corbat, Citigroup's Chief Executive Officer, said, "Although we didn't finish the year as strongly as we would have liked, we made substantial progress toward our key priorities in 2013. Having grown our operating net income by 15% over 2012, we achieved our highest amount of net income since before the financial crisis. We accelerated our growth in capital and ended the fourth quarter with an estimated Basel III Tier 1 Common ratio of 10.5%, exceeding our target for the year. We also grew loans in our core businesses by 7%, utilized $2.4 billion of our deferred tax assets, and reduced the assets in Citi Holdings by 25% while cutting its annual loss in half. In addition, we improved our efficiency by executing on the repositioning actions announced at the end of 2012, reducing expenses and growing revenues. We enter 2014 as a strong and stable institution that is committed to achieving our 2015 financial targets and our objective of returning capital to our shareholders."

Citigroup full year 2013 net income was $13.9 billion on revenues of $76.4 billion, compared to net income of $7.5 billion on revenues of $69.1 billion for the full year 2012. Full year 2013 results included negative CVA/DVA of $342 million ($213 million after-tax), compared to negative $2.3 billion ($1.4 billion after-tax) in the prior year. Citigroup full year 2012 results included a loss of $4.6 billion ($2.9 billion after-tax) related to the sale of various minority investments.7 In addition, Citigroup recorded tax benefits of $176 million and $582 million in the third quarters 2013 and 2012, respectively, related to the resolution of certain tax audit items. Excluding CVA/DVA and the impact of minority investments in 2012, Citigroup revenues were $76.7 billion in 2013, up 1% compared to the prior year. Excluding these items as well as the impact of the Credicard divestiture, the tax benefits in 2013 and 2012,8 and the fourth quarter 2012 repositioning charge, net income was $13.8 billion in 2013, up 15% compared to 2012, as higher revenues, lower operating expenses and lower net credit losses were partially offset by a lower net loan loss reserve release and a higher effective tax rate.

Read the full press release with tables.

Citigroup
Citigroup revenues of $17.8 billion in the fourth quarter 2013 declined 1% from the prior year period. Excluding CVA/DVA, Citigroup revenues of $17.9 billion in the fourth quarter 2013 were 2% below the prior year period, reflecting lower revenues in Citicorp primarily due to lower U.S. mortgage refinancing activity in North America Global Consumer Banking (GCB) and a decline in fixed income markets revenues in Securities & Banking.

Citigroup's net income increased to $2.7 billion in the fourth quarter 2013 from $1.2 billion in the prior year period. Excluding CVA/DVA, the impact of the Credicard divestiture in fourth quarter 2013 and the repositioning charge in the fourth quarter 2012, Citigroup net income of $2.6 billion was up 21% versus the prior year period as lower operating expenses and lower credit costs were partially offset by the decline in revenues and a higher effective tax rate. Operating expenses of $11.9 billion were 13% lower than the prior year period and declined by 6% excluding the fourth quarter 2012 repositioning charge, driven by efficiency savings, the decline in Citi Holdings assets and lower legal and related expenses, partially offset by higher volume-related expenses and repositioning charges in the current quarter. Operating expenses in the fourth quarter 2013 included $809 million in legal and related expenses compared to $1.3 billion in the prior year period. Citigroup's cost of credit in the fourth quarter 2013 was $2.1 billion, 33% below the prior year period, reflecting a $438 million improvement in net credit losses as well as a $579 million higher loan loss reserve release. Citi's effective tax rate in the fourth quarter 2013 was 32% compared to a 13% rate in the prior year period (excluding CVA/DVA and the repositioning charge).

Citigroup's allowance for loan losses was $19.6 billion at year end, or 2.97% of total loans, compared to $25.5 billion, or 3.92% of total loans, in the prior year period. The $670 million net release of loan loss reserves in the quarter compared to a $91 million release in the prior year period, primarily driven by Citi Holdings which recorded a reserve release of $540 million in the fourth quarter 2013, compared to a net reserve build of $51 million in the prior year period. Citigroup asset quality continued to improve as total non-accrual assets fell to $9.4 billion, a 22% reduction compared to the fourth quarter 2012. Corporate non-accrual loans declined 18% to $1.9 billion, while consumer non-accrual loans declined 23% to $7.0 billion.

Citigroup's capital levels and book value per share increased during 2013. As of quarter end, book value per share was $65.31 and tangible book value per share was $55.38, 6% and 8% increases respectively versus the prior year period. At quarter end, Citigroup's estimated Basel III Tier 1 Common Ratio was 10.5%, up from 8.7% in the prior year period, mostly driven by retained earnings and deferred tax asset (DTA) utilization. Citigroup utilized approximately $600 million of DTA in the fourth quarter 2013, bringing the total full year 2013 utilization to approximately $2.4 billion (including approximately $2 billion of foreign tax credit carry-forwards). Citigroup's estimated Basel III Supplementary Leverage Ratio for the fourth quarter 2013 was 5.4%.

Citicorp
Citicorp revenues of $16.5 billion in the fourth quarter 2013 declined by 2% from the prior year period. CVA/DVA, reported within Securities and Banking, was a negative $165 million ($100 million after-tax) in the fourth quarter 2013, compared to a negative $510 million ($316 million after-tax) in the prior year period. Excluding CVA/DVA, revenues were $16.6 billion, down 4% from the fourth quarter 2012 driven by a 5% decline in GCB and a 5% decline in Securities and Banking with Transaction Services revenues broadly flat. Corporate/Other revenues were a negative $50 million compared to a negative $106 million in the prior year period, with the improvement mainly driven by hedging activities.

Citicorp net income increased to $3.1 billion in the fourth quarter 2013 from $2.2 billion in the prior year period. Excluding CVA/DVA and the impact of the Credicard divestiture in fourth quarter 2013, as well as the fourth quarter 2012 repositioning charge of $951 million ($604 million after-tax), net income of $3.0 billion declined 4% compared to the prior year period, as the decline in revenues and a higher effective tax rate were only partially offset by lower operating expenses and lower credit costs.

Citicorp operating expenses decreased 14% year-over-year to $10.5 billion. Excluding the fourth quarter 2012 repositioning charges of $951 million, expenses declined 6%, primarily reflecting efficiency savings as well as lower legal and related expenses, partially offset by volume-related expenses and repositioning charges in the current quarter.

Citicorp cost of credit of $1.7 billion in the fourth quarter 2013 declined 10% from the prior year period. The decline reflected an improvement in net credit losses, which declined 10% to $1.8 billion, partially offset by lower net loan loss reserve releases, which declined 8% to $130 million compared to the prior year period. Citicorp's consumer loans 90+ days delinquent declined 4% from the prior year period to $3.0 billion, and the 90+ days delinquency ratio decreased 6 basis points to 0.99% of loans.

Citicorp end of period loans grew 7% versus the prior year period to $575 billion, with 12% growth in corporate loans to $273 billion and 2% growth in consumer loans to $302 billion. The growth in consumer loans reflected the acquisition of Best Buy's U.S. credit card portfolio in the third quarter 2013.

Global Consumer Banking
GCB revenues of $9.5 billion declined 5% from the prior year period, as significantly lower U.S. mortgage refinancing activity and continued spread compression globally more than offset the impact of the Best Buy portfolio acquisition and ongoing volume growth in most international businesses.

GCB net income declined 5% versus the prior year period to $1.6 billion, reflecting the decline in revenues, lower loan loss reserve releases and a higher effective tax rate, partially offset by lower operating expenses and lower net credit losses. Operating expenses of $5.2 billion declined 10% versus the prior year period. Excluding the $366 million repositioning charge in the fourth quarter 2012, operating expenses declined 4% versus the prior year period, reflecting lower legal and related expenses and efficiency savings, partially offset by repositioning charges in the current quarter.

North America GCB revenues declined 8% to $4.9 billion versus the prior year period driven mainly by lower retail banking revenues, partially offset by higher retail services revenues. Retail banking revenues declined 35% to $1.1 billion from the fourth quarter 2012, primarily reflecting lower U.S. mortgage refinancing activity, as well as ongoing spread compression, partially offset by 5% average deposit growth and 10% growth in commercial loans. Citi-branded cards revenues were flat versus the prior year period at $2.1 billion, reflecting continued improvement in net interest spreads offset by a 4% decline in average loans. Citi retail services revenues increased 9% to $1.7 billion, primarily reflecting the impact of the Best Buy portfolio acquisition, partially offset by lower spreads and higher contractual partner share payments due to the impact of improving credit trends.

North America GCB net income was $898 million, 8% lower than the fourth quarter 2012, driven by the decline in revenues and a reduction in loan loss reserve releases, partially offset by lower operating expenses and a decline in net credit losses. Operating expenses declined by 10% versus the prior year period to $2.4 billion. Excluding the $100 million repositioning charge in the fourth quarter 2012, operating expenses declined by 6% reflecting lower legal and related expenses, efficiency savings and repositioning of the mortgage business, partially offset by the impact of the Best Buy portfolio acquisition.

North America GCB credit quality continued to improve as net credit losses of $1.1 billion decreased 13% versus the prior year period. Net credit losses improved in Citi-branded cards (down 16% to $588 million), Citi retail services (down 8% to $471 million) and in retail banking (down 8% to $47 million) versus the prior year period. Delinquency rates improved in Citi-branded cards and Citi retail services versus the prior year period and ended 2013 at close to historically low levels. The reserve release in the fourth quarter 2013 was $84 million, $131 million lower than in the fourth quarter 2012, principally reflecting lower reserve releases in Citi-branded cards as well as reserve builds for new loans originated in the Best Buy portfolio.

International GCB revenues declined 1% versus the fourth quarter 2012 to $4.6 billion on a reported basis, primarily due to foreign exchange translation. International GCB revenues grew 2% to $4.6 billion on a constant dollar basis9. On a constant dollar basis, revenues in Latin America grew 8% to $2.4 billion, as volume growth more than offset spread compression, partially offset by a 3% decline in Asia to $1.8 billion, driven by regulatory changes, the continued impact of spread compression and the repositioning of the franchise in Korea, and a 6% decline in EMEA to $358 million, primarily due to previously-announced market exits over the past year.

International GCB net income of $734 million was broadly flat, both on a reported basis and in constant dollars, versus the prior year period. On a constant dollar basis, flat net income versus the prior year period reflected higher revenues and lower operating expenses offset by higher credit costs and a higher effective tax rate. Operating expenses in the fourth quarter 2013 declined 6% on a constant dollar basis to $2.8 billion. Excluding the $266 million repositioning charge in the fourth quarter 2012, operating expenses increased by 3% versus the prior year period due to repositioning charges in the current quarter.

International GCB credit quality remained stable. Net credit losses rose 1% to $681 million, primarily reflecting the impact of portfolio growth and seasoning in Latin America. The international net credit loss rate was 1.92% of average loans in the fourth quarter 2013, compared to 1.97% in the prior year period (excluding Credicard loans of $3.2 billion in fourth quarter 2012).

Securities and Banking
Securities and Banking revenues increased 2% from the prior year period to $4.5 billion. Excluding the impact of the negative $165 million of CVA/DVA in the fourth quarter 2013 (compared to negative $510 million in the prior year period), Securities and Banking revenues were $4.6 billion, 5% lower than the prior year period, driven by a decline in fixed income markets revenues.

Investment Banking revenues of $1.0 billion increased 3% versus the prior year period. Equity underwriting revenues increased 73% to $282 million and advisory increased 29% to $266 million, partially offset by a 23% decline in debt underwriting revenues to $488 million. Overall, Citi gained wallet share during 2013.

Equity Markets revenues of $539 million in the fourth quarter 2013 (excluding negative $12 million of CVA/DVA) were 16% above the prior year period driven by improved client activity.

Fixed Income revenues of $2.3 billion in the fourth quarter 2013 (excluding negative $153 million of CVA/DVA) decreased 15% from the prior year period, reflecting a more challenging trading environment and the absence of strong fourth quarter 2012 revenues in the Citi Capital Advisors business, which Citi continues to wind down.

Lending revenues increased to $254 million from $119 million in the prior year period, primarily reflecting lower losses on hedges related to accrual loans10 of $139 million (compared to a $258 million loss in the prior year period) as credit spreads tightened less significantly during the fourth quarter 2013 compared to the prior year. Excluding the mark-to-market impact on hedges related to accrual loans, lending revenues rose 4% to $393 million versus the prior year period as higher volumes and lower losses from loan sale activity were partially offset by lower spreads.

Private bank revenues increased 1% to $599 million from the prior year period, driven primarily by growth in managed investments and lending.

Securities and Banking net income was $960 million in the fourth quarter 2013. Excluding CVA/DVA and the $237 million repositioning charge ($154 million after-tax) in the fourth quarter 2012, net income declined 8% to $1.1 billion versus the prior year period, primarily reflecting the decline in revenues and a higher effective tax rate, partially offset by lower operating expenses and lower credit costs. Excluding the repositioning charge in the fourth quarter 2012, operating expenses declined 2% from the prior year period, reflecting lower compensation expenses, partially offset by higher legal and related costs and repositioning charges in the current quarter.

Transaction Services
Transaction Services revenues were $2.6 billion, flat versus the prior year period. On a constant dollar basis, Transaction Services revenues increased 1% from the prior year period. Treasury and Trade Solutions (TTS) revenues of $1.9 billion were roughly flat in constant dollars versus the prior year period as growth in loans and deposits was offset by the ongoing impact of spread compression globally. Securities and Fund Services (SFS) revenues increased 5% in constant dollars as higher settlement volumes and fees were partially offset by lower net interest spreads.

Transaction Services net income of $778 million decreased 1% from the prior year period, as lower operating expenses were offset by a higher effective tax rate. Excluding repositioning charges of $95 million in the fourth quarter 2012, operating expenses declined 4% from the prior year period reflecting efficiency savings and lower legal and related costs partially offset by higher volume-related expenses.

Transaction Services average deposits and other customer liability balances grew 9% versus the prior year period to $465 billion. Assets under custody increased 10% from the fourth quarter 2012 to $14.5 trillion.

Citi Holdings
Citi Holdings revenues in the fourth quarter 2013 increased 22% versus the prior year period to $1.3 billion. Revenues in the fourth quarter 2013 included CVA/DVA of $1 million ($25 million in the prior year period). Excluding CVA/DVA, Citi Holdings revenues increased 24% versus the prior year period, driven mostly by the absence of repurchase reserve builds for representation and warranty claims in the fourth quarter 2013. As of the end of the fourth quarter 2013, total Citi Holdings assets were $117 billion, 25% below the prior year period, and represented approximately 6% of total Citigroup assets.

Citi Holdings net loss was $422 million in the fourth quarter 2013 compared to a loss of $1.0 billion in the prior year period, primarily reflecting lower credit costs. Operating expenses declined 8% from the prior year period. Excluding repositioning charges of $77 million in the fourth quarter 2012, operating expenses declined 4%, reflecting the decline in assets, partially offset by higher legal and related costs.

Citi Holdings cost of credit declined declined 71% to $338 million versus the prior year period primarily driven by a net loan loss reserve release of $540 million in the fourth quarter 2013, compared to a net reserve build of $51 million in the prior year period. Net credit losses decreased by $237 million or 24% from the prior year period to $735 million, primarily driven by improvements in Citi Holdings' North America mortgage portfolio.

Citi Holdings allowance for credit losses was $6.5 billion at the end of the fourth quarter 2013, or 6.98% of loans, compared to $10.8 billion, or 9.35% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 41% to $2.7 billion, or 3.23% of loans.

[Guilote]

jaja todo bien, lo dije en chiste

[SEB]

Fue un lapsus Guillote, disculpa.

[Guilote]

54 millones del pelpas afuera. mas de la mitad del volumen promedio que es de 21 millones

mas del doble se dice!

[The bogeyman]

me fui de aca!!! mucho vertigo con el ccl y con ese balance... basta para mi

Si te llevaste algo no está mal,
Money in my pocket, good

[SEB]

54 millones del pelpas afuera. mas de la mitad del volumen promedio que es de 21 millones

[LOBIZON]

esta recuperando algo ahora en 52,73

[devotences]

me fui de aca!!! mucho vertigo con el ccl y con ese balance... basta para mi

[The bogeyman]

Quién está afilado con el AT acá?
Si cierra debajo de 53 habilita seguir bajando?, esa zona operó como resistencia durante un largo tiempo, no así como soporte si hoy cierra por debajo.

[The bogeyman]

No la justifico y corrijo seguramente termine abajo de 4. Por eso de la broca me fui y me comi una rubia infernalllllll terrible, me llevo puesto. Ahora miro la cotizacion de citi y me cago de risa.- jajajaja

tarifa y zona geográfica, please

[rotten]

No la justifico y corrijo seguramente termine abajo de 4. Por eso de la broca me fui y me comi una rubia infernalllllll terrible, me llevo puesto. Ahora miro la cotizacion de citi y me cago de risa.- jajajaja

[Guilote]

en realidad si importa, si son gastos extraordinarios o no, importa

si la empresa esta mal por corto plazo, o por largo, importa

[jabalina]

Por lo que entendi si bien los numeros no fueron tan malos, hubo muchos cargos legales y de abogados. Lo que desepcionaron en el corto. Creo que la brecha de hoy se va ir achicando en el trasncurso de la rueda. No cro que termine -3.
saludos.

menos 3 no se, pero menos 4 es probable.
Los numeros fueron malos,no importa si fueron por cargos legales o de lo que sea .
No fueron los que se esperaban.

[SEB]

que lo pario, comes como una hormiga y cagas como un elefante, citibank.

[KF86]

se hace &#*#! afuera.

Aca todavia no reacciono, pero deberia hacer lo mismo.