Citigroup Inc. today reported net income of $1.2 billion, or $0.38 per diluted share, for the fourth quarter 2011 on revenues of $17.2 billion. This compared to net income of $1.3 billion, or $0.43 per diluted share, in the fourth quarter 2010 on revenues of $18.4 billion.
Citigroup 2011 full year net income was $11.3 billion on revenues of $78.4 billion, compared to net income of $10.6 billion on revenues of $86.6 billion for the full year 2010.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Vikram Pandit, Citi’s Chief Executive Officer, said, “Overall, we made solid progress in 2011. We increased our net income to $11.3 billion, up 6% from the previous year, and reached key benchmarks in our consumer businesses, showing our strategy is achieving results. Clearly, the macro environment has impacted the capital markets and we will continue to right-size our businesses to match the environment. 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.”
The majority of the revenue decline in 2011 was driven by the ongoing reduction in Citi Holdings assets, which declined approximately $90 billion during the year to $269 billion. Citi Holdings 2011 revenues declined 33%, or $6.4 billion, to $12.9 billion. Citicorp revenues for 2011 were $64.6 billion, down 2%, or $1.0 billion, from 2010 as revenue growth in Regional Consumer Banking (RCB) andTransaction Services was offset by declines in Securities and Bankingrevenues.
