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Citi Scrambling to Shore Up Capital

$29.5 billion 4th quarter production

January 15, 2008


Citigroup Inc. suffered a massive quarterly loss and is receiving a capital injection from a host of international investors. The financial services behemoth, which said it will slash its dividend, reported that residential fundings tumbled.

The New York-based company said in an earnings announcement today that fourth quarter net income was a negative $9.83 billion, dramatically worse than the $2.21 billion profit in the third quarter and the $5.13 billion profit a year earlier.

For all of 2007, net income was $3.62 billion, tumbling from $21.54 billion during 2006, the data indicated.

The latest results were driven by $18.1 billion in subprime mortgage write-downs and $4.1 billion in consumer loan losses, the report said.

Citi said residential fourth quarter loan originations were $29.5 billion, falling from $36.6 billion the prior period and $35.3 billion in the fourth quarter of 2006. Full year production was $151.9 billion -- higher than $142.1 billion in 2006.

The residential servicing portfolio reportedly ended the year at $599.6 billion. Mortgage delinquency of at least 90 days was 2.31 percent, up from 1.81 percent at the end of the third quarter and the sixth consecutive quarterly increase. The net credit loss ratio was 0.91 percent, up for the fifth consecutive quarter.

In an effort to maintain adequate levels of capital, Citi said the Government of Singapore Investment Corporation Pte Ltd, Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, the New Jersey Division of Investment, HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, and former chairman Sanford I. Weill and The Weill Family Foundation would invest $12.5 billion in a private offering. In addition, a $2 billion preferred stock public offering would be made.

Another move to shore up capital was a cut in the company's quarterly dividend to $0.32 per share, compared to $0.54 per share paid each of the four prior quarters.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

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