Citigroup fourth quarter 2015 earnings per share $1.02

Citigroup full year 2015 net income was $17.2 billion on revenues of $76.4 billion. For the fourth quarter 2015 net income was of $3.3 billion, or $1.02 per share.

citigroup shareCitigroup Inc. reported net income for the fourth quarter 2015 of $3.3 billion, or $1.02 per diluted share, on revenues of $18.5 billion. This compared to net income of $344 million, or $0.06 per diluted share, on revenues of $17.9 billion for the fourth quarter 2014.

CVA/DVA was negative $181 million (negative $114 million after-tax) in the fourth quarter 2015, compared to $7 million ($4 million after-tax) in the prior year period. Excluding CVA/DVA, revenues were $18.6 billion, up 4% from the prior year period, and earnings were $1.06 per diluted share, compared to prior year earnings of $0.06 per diluted share.

Michael Corbat, Chief Executive Officer of Citigroup, said, “Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets. Over the last three years, we have made substantial progress towards our targets and execution priorities. We significantly improved our returns on both assets and tangible common equity, as well as our Citicorp efficiency ratio. We have sharpened our focus on target clients, shedding over 20 consumer and institutional businesses in the process.“.

Citigroup full year 2015 net income was $17.2 billion on revenues of $76.4 billion, compared to net income of $7.3 billion on revenues of $77.2 billion for the full year 2014. Full year 2015 results included CVA/DVA of $254 million ($162 million after-tax), compared to negative $390 million (negative $240 million after-tax) in 2014. Excluding CVA/DVA, Citigroup revenues were $76.1 billion in 2015, down 2% compared to the prior year. Citigroup full year 2014 results also included a charge of $3.8 billion ($3.7 billion after-tax) to settle RMBS and CDO-related claims,6 and a tax charge of $210 million related to corporate tax reforms.7 Excluding CVA/DVA as well as the impact of the mortgage settlement and the tax item in 2014, net income was $17.1 billion in 2015, up 49% compared to 2014, as lower operating expenses and lower net credit losses were partially offset by the lower revenues and a lower net loan loss reserve release.