By Citi Private Bank,
February 12, 2016Posted InCiti
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Amidst increased uncertainty and volatility in financial markets, Citigroup has announced further improvements to its capital position in 2015, as well as achieving its highest net income in almost a decade.
At the end of the last quarter of 2015, Citigroup’s Common Equity Tier 1 Capital ratio (CET1) was 12.0%, up from 10.6% a year earlier.
Citigroup’s Supplementary Leverage Ratio for the fourth quarter 2015 also improved, up to 7.1% from 5.9% a year earlier.
Reported net income for the fourth quarter of 2015 was $3.3 billion, or $1.02 per diluted share, on revenues of $18.5 billion, compared to $344 million, $0.06 and $17.9 billion respectively a year earlier.
“We have undoubtedly become a simpler, smaller, safer and stronger institution," said Michael Corbat, Chief Executive Officer of Citigroup.
“Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets. Over the last three years, we have made substantial progress towards our targets and execution priorities. We significantly improved our returns both on assets and tangible common equity, as well as our Citicorp efficiency ratio.”
The Private Bank hopes that these results will further demonstrate to our clients the strength of Citi’s business, which provides the firm foundation for us to help them to take advantage of potential opportunities while preserving wealth.