This excerpt taken from the C 8-K filed Oct 15, 2009.
CITICORP MANAGED REVENUES OF $14.8 BILLION
New York Citigroup today reported net income for the third quarter 2009 of $101 million, and a $0.27 loss per share, based on an average 12.1 billion shares outstanding(2). Third quarter revenues were $20.4 billion. Results included $8.0 billion in net credit losses and an $802 million net loan loss reserve build.
During the third quarter, Citigroup completed its previously announced exchange offers. This resulted in an $851 million after-tax gain, but also in a $3.1 billion reduction in income available to common shareholders, resulting in an incremental net $0.18 loss per share. The reported loss per share also reflected preferred stock dividends, which did not affect net income but reduced income available to common shareholders by $288 million or $0.02 per share.
This was an important quarter for us. The completion of the exchange offers and the significant actions taken during the last few quarters have created a strong foundation. With strong capital, strong liquidity and a strong franchise, we are looking forward. We continue to execute steadily against our plan, and sustainable profitability remains our primary goal in the near term. While consumer credit trends are improving in international markets, the U.S. consumer credit environment remains challenging, said Vikram Pandit, Chief Executive Officer of Citigroup.
Our Tier 1 and Tier 1 Common ratios ended the quarter at 12.7% and 9.1% respectively. Our client franchise continues to perform well. Customer deposits grew $28 billion during the quarter, Securities and Banking has produced record year-to-date revenues and Global Transaction Services has produced record year-to-date net income and both had a solid third quarter. We are also seeing increased customer activity in our Global Consumer business.
Looking forward, we will continue to focus on sustainable profitability and growth, repaying TARP and helping support Americas economic recovery.