Citigroup Posts Q4 and FY Loss
The TARP repayment has cost Citigroup and its shareholders $6.2 billion. It seems that shareholders can’t get enough of value decreasing and diluting efforts by the Citi management. Shares are trading +1.2%. The loan loss provisions were again reduced while credit delinquencies rose.
Citigroup today reported a full year 2009 net loss of $1.6 billion, or $0.80 per share. Managed revenues were $91.1 billion for the year. The fourth quarter 2009 net loss was $7.6 billion, or $0.33 per share. Excluding the $6.2 billion after-tax loss associated with TARP repayment and exiting the loss-sharing agreement, the fourth quarter net loss was $1.4 billion or $0.06 per share.
The provision for loan losses3 in the fourth quarter was $8.2 billion, down 36% from the prior year and 10% from the prior quarter.