Citi slips after poor Q4 results

|By:, SA News Editor

CEO Michael Corbat: "We didn't finish the year as strongly as we would have liked, [but] made substantial progress toward our key priorities in 2013."

Citi Holdings assets fell 25% for the year to $117B and now represent 6% of total Citigroup assets. $2.4B of the DTA was used.

Citicorp revenue of $16.48B fell 2% Y/Y, Citi Holdings revenue of $1.3B up 22%. Adjusted expenses of $11.9B fell 6%.

Net credit losses of $2.5B fell 15%. Loan loss reserve of $670M is flat from a year ago.

Tier 1 Common Ratio of 12.6% compares to 12.7% a year ago. Tangible book value per share of $55.38 is up 8% from a year ago.

C -2.6% premarket

CC at 11 ET