| 2019-01-14 08:02:58|
C 08:02 01/14 01/14/19
Citi reports Q4 fixed income markets revenue $1.94B
Citigroup's allowance for loan losses was $12.3 billion at quarter end, or 1.81% of total loans, compared to $12.4 billion, or 1.86% of total loans, at the end of the prior-year period. Total non-accrual assets declined 24% from the prior-year period to $3.6 billion. Consumer non-accrual loans declined 17% to 2.2 billion and corporate non-accrual loans decreased 32% to $1.3 billion. Citigroup's end-of-period loans were $684 billion as of quarter end, up 3% from the prior-year period. Citigroup's book value per share of $75.05 and tangible book value per share of $63.79, both as of quarter end, increased 6% from the prior-year period driven by the benefit of a lower share count. At quarter end, Citigroup's CET1 Capital ratio was 11.9%, up from 11.7% in the prior quarter, driven by a reduction in risk-weighted assets. Citigroup's SLR for the fourth quarter 2018 was 6.4%, down from 6.5% in the prior quarter. During the fourth quarter 2018, Citigroup repurchased 74 million common shares and returned a total of $5.8 billion to common shareholders in the form of common share repurchases and dividends. Global Consumer Banking revenues of $8.4 billion remained largely unchanged on a reported basis and increased 1% in constant dollars, driven primarily by growth in North America GCB and Latin America GCB, partially offset by a decline in Asia GCB. Institutional Clients Group revenues of $8.2 billion decreased 1%, as a decline in Markets and Securities Services more than offset growth in Banking. Markets and Securities Services revenues of $3.1 billion decreased 11%, as weakness in Fixed Income Markets more than offset growth in Securities Services and Equity Markets. Fixed Income Markets revenues of $1.9 billion in the fourth quarter 2018 decreased 21%, reflecting a challenging trading environment characterized by volatile market conditions and widening credit spreads, particularly in December. Equity Markets revenues of $668 million increased 18%, reflecting the absence of an episodic loss incurred in the prior-year period. Securities Services revenues of $653 million increased 7% on a reported basis and 12% in constant dollars, driven by continued growth in client volumes and higher net interest revenue.