January 25, 2005 01:58 PM
Citigroup Posts 12% Profit Rise and Sees Slowing Growth
Excerpt: Citigroup, the world's largest banking company, reported a 12 percent increase in its fourth-quarter earnings today, but it tempered Wall Street's expectations for the coming year.
Citigroup, the world's largest banking company, reported a 12 percent increase in its fourth-quarter earnings today, but it tempered Wall Street's expectations for the coming year.
The company said that it expected to post solid results in 2005 but that its annual profits would register at the lower end of analysts' expectations because of rising interest rates and a decreased ability to tap into excess loan loss reserves.
The company said it earned $5.32 billion, or $1.02 a diluted share, in the quarter, compared with profits of $4.76 billion, or 91 cents a share, in the fourth quarter of 2003. The most recent quarterly results included a $244 million after-tax charge related to the shuttering of Citigroup's private banking operation in Japan, which was ensnared in regulatory improprieties.
The fourth quarter of 2004 also included a $131 million after-tax reserve related to a pending settlement of a Securities and Exchange Commission investigation of the company's mutual funds business.
For the year, Citigroup posted net income of $17 billion, or $3.26 a diluted share, down about 5 percent from $17.85 billion, or $3.42 a share, in 2003. Last year's results included an after-tax charge of $4.95 billion, or 95 cents a share, to settle litigation related to the collapse of WorldCom Inc. as well as other increased litigation reserves.
Annual earnings for 2004 also included an after-tax gain of $756 million, or 15 cents a share, from the sale of Citigroup's stake in the Samba Financial Group, a Saudi Arabian concern. Excluding these extraordinary items, Citigroup would have reported annual earnings of $21.2 billion, or $4.07 a share, an increase of 19 percent from 2003.
Citigroup's shares fell 27 cents to close at $47.77 on the New York Stock Exchange.
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