Citigroup (C) shares are off by 6 cents, almost 2%, at $3.36 after the firm this morning reported Q4 revenue that was a cool $3 billion lower than expected, about 17% off the mark, though the firm’s net loss per share was about as expected.
Q4 revenue fell 24% to $15.5 billion, excluding the one-time repayment of Troubled Asset Relief Program loans to the Federal government. That was short of the consensus $18.4 billion analysts were expecting. The one-time charge brought the company’s net loss to 33 cents per share, which was in line with expectations. Without the payoff, Citi’s net loss would have been only six cents per share.
Cit’s Tier 1 Capital ratio was 11.7% at the end of the quarter, it reported, and its Common ratio was 9.6%.
In the credit card division, Citigroup’s total credit costs dropped 10% from Q3, the firm said, which is the lowest level since Q2 of 2008, it reported.
Still, Citi’s Citi Holding’s unit’s assets were down 23% for the year, a loss of $168 billion.
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