Citigroup Inc. today reported net income of $3.8 billion, or $1.23 per diluted share, for the third quarter of 2011, which was 74% higher than the prior year period and 13% above the second quarter 2011. Third quarter revenues of $20.8 billion increased slightly from the prior year period and the second quarter 2011.
Third quarter revenues included $1.9 billion of credit valuation adjustment (CVA) reflecting the widening of Citi's credit spreads during the third quarter. Excluding CVA, third quarter 2011 revenues were $18.9 billion, 8% below the prior year period and 8% below the second quarter 2011. CVA increased reported third quarter earnings by $0.39 per share.
Vikram Pandit, Citi's Chief Executive Officer, said: "Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results. We continued to manage our risk prudently while growing the businesses that are core to our strategy. We have reduced the size of Citi Holdings to 15% of our balance sheet and further improved our financial strength. We are very well positioned as we help our clients navigate the world's current trends and key opportunities."
"In addition, over the past few years we have significantly strengthened our retail partner cards business, and it has earned $2.2 billion pre-tax through the first three quarters. After a careful review of the business, which took into account current trends in credit and technology, we have decided that it makes strategic sense to move retail partner cards and a vast majority of its assets from Citi Holdings into Citicorp. The transition will be completed by the end of this year."
The year-over-year decline in Citigroup revenues, excluding CVA, was driven by lower revenues in both Citicorp and Citi Holdings. Citicorp revenues, excluding CVA, were down 2% from the prior year period largely due to lower revenues in Securities and Banking that more than offset higher revenues in Regional Consumer Banking (RCB), while Citi Holdings revenues declined 27% from the prior year period largely from the impact of a 31% decline in Citi Holdings assets from the third quarter 2010.
Source: Citigroup Inc.Date: 17.10.2011
| |  Rating agency Moody's downgrades 16 Spanish banks - 18.05.2012
Rating agency Moody's downgraded 16 Spanish banks on Thursday, the latest sign of distress in Europe. Among those downgraded were giants Banco Santander and BBVA, the country's two largest banks.
Source: CNNMoney |
| | Middle East's Leading Banking Technology & Innovation Summit to be held in Dubai - 07.05.2012
Following on from the success of the 2011 Middle East Banking Technology & Innovation Summit, Expotrade announces that this year’s event will once again take place in Dubai on the 1-2 October 2012. This year’s conference will focus on strengthening the Middle Eastern banking and financial industry’s position within the global market.
Source: Expotrade |
| | More than 2.5 billion people around the world don’t have a bank account - 23.04.2012
Three quarters of the world’s poor don’t have a bank account, not only because of poverty, but the cost, travel distance and amount of paper work involved in opening an account, according to new data released by the World Bank.
Source: World Bank |
| | No breakthrough in Swiss-US tax dispute despite talks - 22.04.2012
Talks between senior U.S. and Swiss officials about a dispute over unpaid taxes on accounts held in Swiss banks led to no breakthroughs, Swiss President Eveline Widmer-Schlumpf said on Saturday.
Source: Reuters |
| | World's best emerging market banks in Central and Eastern Europe (CEE) - 26.03.2012
The following are the «World's best emerging market banks 2012 in Central & Eastern Europe» according to rankings published by Global Finance magazine:
Source: Global Finance |
| | Western Union to launch innovative payments platform WU Pay - 22.03.2012
The Western Union Company, a leader in global payment services, today announced that it will launch WU Pay, a new and innovative electronic payments platform that will significantly improve the customer experience and safety for millions of people seeking to make online payments or transfer money.
Source: Western Union |
| | U.S. Banks Complete Stress Tests - 14.03.2012
The majority of the largest banks will continue to have enough capital to satisfy regulators, even if they suffer a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices, the Federal Reserve said on Tuesday.
Source: Reuters |
