Citigroup Reports Second Quarter 2010 Net
Income of $2.7 Billion; $0.09 Per Diluted Share
First Half 2010 Net Income of $7.1 Billion
Second Quarter 2010 Revenues of $22.1 Billion and Expenses of $11.9 Billion
Net Credit Losses of $8.0 Billion Declined for the Fourth Consecutive Quarter
Tier 1 Capital Ratio of 12.0%; Tier 1 Common Ratio1 of 9.7%
Tier 1 Common of $99.5 Billion and Allowance for Loan Losses of $46.2 Billion
Citicorp Revenues of $16.5 Billion, Net Income of $3.8 Billion
Citi Holdings Revenues of $4.9 Billion, Net Loss of $1.2 Billion
July 16, 2010 08:03 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Citigroup Inc. today reported second quarter 2010 net income of
$2.7 billion or $0.09 per diluted share, on revenues of $22.1 billion, marking a second consecutive profitable
quarter. Citigroup earned $7.1 billion of net income in the first six months of 2010.
Revenues declined $3.4 billion and net income was down $1.7 billion from the first quarter of 2010, largely as a
result of lower Securities and Banking and Special Asset Pool revenues. Other core businesses showed consistent
strength, including Transaction Services with $929 million in net income and sequential revenue growth across all
international regions.
Provisions for credit losses and for benefits and claims declined $2.0 billion sequentially to $6.7 billion, the lowest
level since the third quarter of 2007, reflecting continued improvement in credit quality. This helped increase
Regional Consumer Banking’s net income by 16% sequentially to $1.2 billion.
Although Citigroup maintained expense discipline, expenses were up 3% sequentially, reflecting the impact of the
U.K. bonus tax.
“I am pleased that we have produced solid operating results for the second consecutive quarter,” said Vikram
Pandit, Chief Executive Officer of Citi. “We continue to execute our strategy of serving clients with our unique global
footprint in both the developed and emerging markets. Most importantly, Citi’s quar