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Citigroup reports Q4 net loss of $9.83 billion

Financial newsCitigroup has reported a net loss for the 2007 fourth quarter of $9.83 billion, or $1.99 per share, and net income of $3.62 billion or $0.72 per share for the full year 2007.

Citigroup has also reported an $18.1 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures in fixed income markets, and a $4.1 billion increase in credit costs in US consumer primarily related to higher current and estimated losses on consumer loans, for the fourth quarter.

The company has reported fourth quarter revenue of $7.2 billion, down 70% from the same period of previous year. In the fourth quarter, company's US consumer revenues have grown 6%, driven by higher business volumes with average deposits and managed loans, both up 10%. Citygroup's operating expenses have increased 18% from the same period of previous year.

Vikram Pandit, CEO of Citi, said: "Our financial results this quarter are clearly unacceptable. Our poor performance was driven primarily by two factors - significant write-downs and losses on our sub-prime direct exposures in fixed income markets, and a large increase in credit costs in our US consumer loan portfolio. Looking beyond these two factors, revenues and volumes continued to grow strongly in a number of our franchises and we generated record results in international consumer, transaction services, wealth management, and advisory."

Source: Banking Business Review
Date: 19.01.2008 [160]

Financial and Banking News
 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

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