·    Fourth Quarter Net Income of $1.2 Billion; $2.2 Billion Excluding CVA/DVA and Repositioning Charges
·    Fourth Quarter Revenues of $18.2 Billion; $18.7 Billion Excluding CVA/DVA
·    Fourth Quarter Net Interest Margin Expanded to 2.93%
·    Fourth Quarter Results Included $1.3 Billion of Legal and Related Expenses
·    Fourth Quarter Net Credit Losses of $3.1 Billion Declined 25% Versus Prior Year Period
·    Fourth Quarter Loan Loss Reserve Release of $86 Million Versus $1.5 Billion in Prior Year Period
·    Basel I Tier 1 Common Ratio of 12.7%
·    Estimated Basel III Tier 1 Common Ratio Increased to 8.7%3
·    Citigroup Deposits of $931 Billion Grew 7% Versus Prior Year Period
·    Citicorp Loans of $540 Billion Grew 7% Versus Prior Year Period
·    Citi Holdings Assets of $156 Billion Declined 31% from Prior Year Period and Represented 8% of Total Citigroup Assets at Year End 2012
 
New York, January 17th 2012 – Citigroup Inc. today reported net income for the fourth quarter 2012 of $1.2 billion, or $0.38 per diluted share, on revenues of $18.2 billion. This compared to net income of $956 million, or $0.31 per diluted share, on revenues of $17.2 billion for the fourth quarter 2011.

CVA/DVA was a negative $485 million in the fourth quarter, mainly resulting from the improvement in Citigroup's credit spreads, compared to negative $40 million in the prior year period. Fourth quarter 2012 results also included the previously announced $1.0 billion of repositioning charges ($653 million after-tax), compared to $428 million of repositioning charges ($275 million after-tax) in the prior year period. Excluding CVA/DVA, fourth quarter revenues were $18.7 billion, up 8% from the prior year period. Excluding CVA/DVA and repositioning charges, earnings were $0.69 per diluted share, up 68% from the prior year period, as higher revenues, lower core operating expenses and lower net credit losses were partially offset by higher legal and related expenses and a lower net loan loss reserve release.

Michael Corbat, Citigroup's Chief Executive Officer, said, "Our bottom line earnings reflect an environment that remains challenging – with businesses working through issues like spread compression and regulatory changes – as well as the costs of putting legacy issues behind us. However, we did make progress on several fronts. At 8.7%, we reached the target for our year-end Basel III Tier 1 Common ratio. We continue to have a very liquid balance sheet and a high-quality credit portfolio in our core businesses. It will take some time to work through the challenges of the current environment but realizing our core earnings potential, as well as improving our returns on assets and tangible equity, are critical goals going forward."

Re-disseminated by The Asian Banker