Citigroup reports first quarter 2010 net income of $4.4b
Tuesday, 20 April 2010
New York: Citigroup Inc. Monday reported first quarter 2010 net income of $4.4 billion or $0.15 per diluted share, and revenues of $25.4 billion, said a press release.
Revenues grew $7.5 billion and net income increased $5.8 billion, excluding the $10.1 billion pre-tax loss from the TARP repayment and exit of the loss-sharing agreement with the U.S. government in the fourth quarter of 2009. Provisions for credit losses and for benefits and claims2 declined $2.4 billion sequentially to $8.6 billion, the lowest level since the first quarter of 2008. Expenses were down 6% sequentially to $11.5 billion.
"Citi today is fundamentally a very different company from what it was only two years ago," said Vikram Pandit, Citi's Chief Executive Officer. "With its financial strength, strategic clarity, efficiency, world-class business talent, and unique global footprint, Citi is well positioned to benefit from the key drivers of economic growth in developed and emerging markets.
Revenues grew $7.5 billion and net income increased $5.8 billion, excluding the $10.1 billion pre-tax loss from the TARP repayment and exit of the loss-sharing agreement with the U.S. government in the fourth quarter of 2009. Provisions for credit losses and for benefits and claims2 declined $2.4 billion sequentially to $8.6 billion, the lowest level since the first quarter of 2008. Expenses were down 6% sequentially to $11.5 billion.
"Citi today is fundamentally a very different company from what it was only two years ago," said Vikram Pandit, Citi's Chief Executive Officer. "With its financial strength, strategic clarity, efficiency, world-class business talent, and unique global footprint, Citi is well positioned to benefit from the key drivers of economic growth in developed and emerging markets.