Citi Q4 profit slides 11% to $1.17 billion

Citigroup has posted a 11 per cent decline in net income at US$1.17 billion in the last three months of 2011.

The entity had a net income of US$1.31 billion in the year-ago period. Citigroup’s revenues in the 2011 fourth quarter declined to US$17.17 billion from US$18.37 billion in the same period a year ago.

Citicorp’s revenues — excluding CVA/DVA (credit valuation adjustment/debt valuation adjustment) — fell eight per cent to US$14.1 billion in the 2011 December quarter as against the year-ago period. Fixed income revenues, excluding CVA/DVA,  slumped 25 per cent to US$1.7 billion in the 2011 fourth quarter as compared to year-ago period. For the 2011 full year, Citigroup’s net income stood at US$11.3 billion on revenues of US$78.4 billion.

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