Citigroup’s (NYSE:C) shares dropped 1.5% to $3.37 after it announced fourth quarter and full-year earnings.
Citigroup 2009 managed revenues increased 49% to $91.1 billion, up from $61.2 billion in 2008 reflecting, in part, the absence of significant marks taken in 2008.
Full year operating expenses declined 31% to $47.8 billion. Excluding goodwill impairments and restructuring/repositioning charges recorded in 2008, operating expenses were down 15%.
Fourth quarter managed revenues were $7.9 billion, or $17.9 billion excluding a $10.1 billion pre-tax loss associated with the TARP repayment and exiting the loss-sharing agreement, down from $23.1 billion in the third quarter, which included a $1.4 billion pre-tax gain from the extinguishment of debt associated with the exchange offers.
Fourth quarter net credit losses of $7.1 billion were down $0.8 billion from the prior quarter, marking the second consecutive quarter of improvement. Managed net credit losses were $10.0 billion, down from $11.0 billion in the prior quarter.
Douglas A. McIntyre
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