Consumer non-accrual loans decreased 30% to $1.5 billion, while corporate non-accrual loans of $1.9 billion decreased 47% from the prior-year period.Ĭitigroup's end-of-period loans of $668 billion as of quarter end decreased 1% from the prior-year period on a reported basis. Total non-accrual assets decreased 40% from the prior-year period to $3.4 billion.
Citigroup’s effective tax rate was 19.5% in the current quarter compared to 20.5% in the fourth quarter 2020.Ĭitigroup’s allowance for credit losses on loans was $16.5 billion at quarter end, or 2.49% of total loans, compared to $25.0 billion, or 3.73% of total loans, at the end of the prior-year period. Excluding the impact of Asia divestitures, expenses increased 8%, driven by continued investments in Citi’s transformation, business-led investments and revenue-related expenses, partially offset by efficiency savings.Ĭitigroup cost of credit of $(0.5) billion in the fourth quarter 2021 compared to $(46) million in the prior-year period, primarily reflecting an improvement in net credit losses.Ĭitigroup net income of $3.2 billion in the fourth quarter 2021 decreased 26% from the prior-year period, driven by the higher expenses, partially offset by the higher revenues and lower cost of credit. Percentage comparisons throughout this press release are calculated for the fourth quarter 2021 versus the fourth quarter 2020, unless otherwise specified.Ĭitigroup revenues of $17.0 billion in the fourth quarter 2021 increased 1%, reflecting strong growth in Investment Banking, the Private Bank and Securities Services in ICG and growth in Corporate / Other, partially offset by lower revenues across regions in GCB and in Fixed Income Markets in ICG.Ĭitigroup operating expenses of $13.5 billion in the fourth quarter 2021 increased 18%. We have seen the resilience and importance of Citi as we have supported our clients through uncharted waters and we will continue to serve them with pride," Ms. We continue to Transform our bank with a focus on simplification and building a culture of excellence. Citi returned nearly $12 billion of capital to shareholders and Tangible Book Value increased 7% during the year. “We had a decent end to 2021 driving net income for the year up to $22 billion in what was a far better credit environment than the previous year. This will make it easier for our investors to understand the performance of our core businesses and optimize the businesses we have chosen to exit. We are also aligning our organization and reporting structure with our strategy, including the creation of the Personal Banking and Wealth Management and Legacy Franchises segments. We continue to make steady progress on executing our strategy as demonstrated most recently by the signing of an agreement to sell four consumer businesses in Asia. Jane Fraser, Citi CEO, said: “With the announcement of our intention to focus our franchise in Mexico on our Institutional and Private Bank franchises, we have made the final decision related to the refresh of our strategy as it pertains to markets we intend to exit.
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Excluding the impact of Asia divestitures, earnings per share of $1.99 increased 4%, primarily reflecting a 4% reduction in shares outstanding.įor the full year 2021, Citigroup reported net income of $22.0 billion on revenues of $71.9 billion, compared to net income of $11.0 billion on revenues of $75.5 billion for the full year 2020. Results for the quarter included a pre-tax impact of approximately $1.2 billion ($1.1 billion after taxes) related to the divestitures of Citi’s consumer banking businesses in Asia 5.Įarnings per share of $1.46 decreased 24% from the prior-year period.
Net income of $3.2 billion decreased 26% from the prior-year period, reflecting higher expenses, partially offset by higher revenues and lower cost of credit. Revenues increased 1% from the prior-year period, primarily driven by strong growth in Investment Banking in the Institutional Clients Group (ICG) and higher revenues in Corporate / Other, partially offset by lower revenues across regions in Global Consumer Banking (GCB).
This compared to net income of $4.3 billion, or $1.92 per diluted share, on revenues of $16.8 billion for the fourth quarter 2020. today reported net income for the fourth quarter 2021 of $3.2 billion, or $1.46 per diluted share, on revenues of $17.0 billion. Read the full press release with tables and CEO commentary.
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