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Citigroup

Citigroup's 4th Qtr Earnings Rise 96 Percent -- Stock Up 29%

01/21/2004 How Citigroup has done for us: 41.9% annualized (+28.7% in 8.6 months). Yesterday the company announced that last year's net income was a record $17.85 billion and fourth quarter earnings rose 96%. The company's statement follows:

01/20/2004 New York, NY — Citigroup Inc. (NYSE:C) today reported record net income for the twelve months ended December 31, 2003 of $17.85 billion, an increase of 17% over 2002. Results in 2002 included income related to Travelers Property Casualty, which was subsequently spun off to shareholders. Income from continuing operations of $17.85 billion increased 33% over 2002. Earnings per share from continuing operations was $3.42, an increase of 32% over 2002.

For the fourth quarter of 2003, Citigroup’s net income was $4.76 billion, or $0.91 per share, a 96% increase from the fourth quarter of 2002 net income of $2.43 billion, which included a $1.3 billion after-tax charge related to the establishment of reserves for regulatory settlements and related civil litigation. Excluding this charge, net income rose 27%. Included in the fourth quarter 2003 results was a $242 million after-tax charge for credit and trading losses related to the fraud announced last month at Parmalat.

“Citigroup's record 2003 performance exemplifies the earnings power of our best-in-class businesses and the strength of our extraordinary model. We did more, for more clients, in more places than any other financial services company, and we are entering 2004 in an excellent business position,” said Charles Prince, Chief Executive Officer of Citigroup. “Customer volumes remain strong, as they were throughout 2003. We maintained the number one position in global debt and equity underwriting as well as global disclosed fees. We have established ourselves as the leading private label credit card issuer. Our customer deposits through our retail bank reached $241 billion globally, and total client assets in our Private Client business passed the $1 trillion mark this quarter. Our organic growth momentum, combined with the acquisitions we announced during the year in key areas, including the Sears credit card business, the Home Depot private label relationship card business, the consumer finance business of Washington Mutual, and Forum Financial, provide an unmatched platform from which to grow,” said Prince.

“We surpassed $100 billion in equity capital and trust preferred securities for the first time in our history, and we increased our common dividend 94% during the year while maintaining industry-leading credit ratings. Throughout the year, we invested in each of our global businesses, strengthening their competitive positions as we enter 2004. Our leading market positions and our unique international presence make us extremely well-positioned to capitalize on the improving global economic environment.”

Mr. Prince continued, “Our ability to continue to grow and evolve as an organization, even as we completed a seamless transition to new leadership, was perhaps our most important accomplishment. With the blueprint established under Sandy Weill, we’ve continued to forge a new model of a highly successful, global financial services company, capable of delivering consistent growth to our shareholders.”

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.

The complete press release can be found at www.citigroup.com

 




 

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