Citigroup Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014
January 16, 2014 at 12:59 pm
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Citigroup Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $17,780 million against $17,917 million for the same period a year ago. Adjusted revenue was $17,944 million against $18,402 million for the same period a year ago. Income from continuous operations before taxes was $3,755 million against $1,095 million for the same period a year ago. Income from continuing operations was $2,560 million against $1,309 million for the same period a year ago. Net income was $2,691 million against $1,196 million for the same period a year ago. Adjusted net income was $2,602 million against $2,150 million for the same period a year ago. Return on common equity was 5.3% against 2.5% for the same period a year ago. Book value per share was $65.31. Excluding CVA/DVA, the impact of the credit card divestiture in fourth quarter 2013 and the repositioning charge in the fourth quarter 2012, Citigroup net income of $2.6 billion was up 21% versus the prior year period as lower operating expenses and lower credit costs were partially offset by the decline in revenues and a higher effective tax rate. Diluted earnings per share from income from continuing from operation were $0.79 against $0.41 a year ago. Diluted earnings per share were $0.85 against $0.38 a year ago. Return on average assets was 0.57% against 0.25% a year ago. Net interest revenue was $11,970 million against $11,916 million a year ago.
For full year, the company reported total revenue of $76,366 million against $69,128 million for the same period a year ago. Adjusted revenue was $76,708 million against $76,089 million for the same period a year ago. Income from continuous operations before taxes was $19,857 million against $7,825 million for the same period a year ago. Income from continuing operations was $13,865 million against $7,818 million for the same period a year ago. Net income was $13,908 million against $7,541 million for the same period a year ago. Adjusted net income was $13,756 million against $11,921 million for the same period a year ago. Diluted earnings per share were $4.42 against $2.44 a year ago. Diluted earnings per share from income from continuing from operations were $4.33 against $2.46 a year ago. Return on average assets was 0.74% against 0.40% a year ago. Return on average assets was 7.1% against 4.1% a year ago. Net interest revenue was $46,793 million against $46,686 million a year ago.
The company currently expects net interest margin in 2014 should be at or around the 285 basis points it achieved in 2013, with fluctuations quarter-to-quarter.
Citigroup Inc. is the world's leading banking group. The activity is organized around three areas:
- corporate and investment banking: financial intermediation, interest rate market activities, investment capital, etc., etc.;
- commercial banking: sale of traditional and specialized banking products (consumer credit, leasing credit, etc.);
- other: primarily private banking and management of alternative investment funds.
At the end of 2023, the group managed USD 1,308.7 billion in current deposits and USD 689.4 billion in current loans.
Products and services are marketed through a network of 2,092 branches worldwide.
Citigroup Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014