Citigroup Inc. reported on Tuesday a net income of 1.3 billion U.S. dollars in the fourth quarter of 2010, or 0.04 dollars per diluted share.
The bank's net income for full year 2010 was 10.6 billion dollars, or 0.35 dollar per share, compared to a net loss of 1.6 billion dollars, or 0.80 dollar per share, in the previous year.
Its revenues in the fourth quarter 2010 were 18.4 billion dollars. However, the bank's result fell short of analysts' estimates. On a per share basis, Citigroup's earnings amounted to 0.04 dollar a share, while the market were looking for 0.07 dollar a share.
More of Citigroup's customers were able to meet payments on credit cards and home loans. Its credit losses of 6.9 billion dollars were down 805 million dollars from the previous quarter, or 11 percent, marking the sixth consecutive quarter of decline. The reduced losses allowed the bank to release 2.3 billion dollars from the reserves that it had set aside for bad loans.