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Citi Reports Third Quarter Net Loss of $2.8 Billion, Loss per Share of $0.60

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2008-10-17 16:25

Net Loss From Continuing Operations of $3.4 Billion, Loss per Share of $0.71,rnPrimarily Due to Fixed Income Write-Downs and Higher Consumer Credit CostsrnrnProgress on Lowering Expenses, Headcount and Legacy Assetsrn rnCitigroup Inc. today reported a net loss for the 2008 third quarter of $2.8 billion, or $0.60 per share, based on 5,342 million shares outstanding. Results included $4.4 billion in net pre-tax write-downs in Securities and Banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves.rnrnHighlightsrnrn* Net interest revenue up 13% and net interest margin up 79 basis points versus the third quarter 2007.rn* Lower write-downs in Securities and Banking for the third consecutive quarter.rn* Total expenses declined for the third consecutive quarter, down $1.2 billion since the second quarter 2008.rn* Headcount reduced by approximately 11,000 since the second quarter 2008 and approximately 23,000 in the first nine months of 2008.rn* Retail and corporate deposits in the U.S. increased 6% versus second quarter 2008 and 11% versus third quarter 2007.rn* Total assets declined by $50 billion since second quarter 2008 and by $308 billion since third quarter 2007.rn* Legacy assets declined by approximately $48 billion since second quarter 2008.rn* Capital strength maintained with Tier 1 Capital ratio at 8.2%.rn* Closed sale of CitiStreet; announced sale of Citi Global Services Limited; sale of the German retail banking operations on track for the fourth quarter.rnrn”I am very proud of my Citi colleagues for staying focused on our priorities and for their relentless commitment to serving our clients during these turbulent times. While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management. We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes,” said Vikram Pandit, Chief Executive Officer of Citi.rnrnMr. Pandit also noted: “We have also been very focused on aggressively managing our risks during this credit cycle and have been taking steps to add hedges as appropriate. We end the quarter with a very strong Tier 1 ratio of 8.2% and a loan loss reserve of $25 billion. Our capital will be further strengthened by the sale of our Germany retail banking operations in the fourth quarter, continued focus on reducing our legacy assets, as well as the latest steps taken by the U.S. Department of the Treasury.”rn

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