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Citigroup reports Q4 net loss of $8.29 billion

For the full year 2008, Citigroup reported a net loss of $18.72 billion

Citigroup has reported a net loss of $8.29 billion or $1.72 per share, for the fourth quarter of 2008, as compared to a net loss of $9.83 billion or $1.99 per share, for the fourth quarter of 2007.

For the fourth quarter of 2008, net interest margin increased 73 basis points versus the fourth quarter of 2007. Revenues for the quarter were $5.6 billion, down 13% as against $6.42 billion reported in the same period of 2007.

For the full year 2008, Citigroup reported a net loss of $18.72 billion or $3.88 per share, as against a net income of $3.62 billion $0.72 per share, posted in the full year of 2007.

Total revenues from continuing operations for the year 2008 decreased 33% to $52.8 billion from $78.5 billion recorded during the year 2007.

Vikram Pandit, CEO of Citi, said: Our results continued to be depressed by an unprecedented dislocation in capital markets and a weak economy. However, a number of our core customer franchises continued to perform well as Citi’s customers remain active and engaged with us. We continued to make progress on our primary goal in 2008 which was to get fit.

We expect reduced volatility from marks in 2009 as a result of actions we’ve taken to reduce risk and reclassify certain securities and loans from trading and available or hold for sale to hold to maturity or held for investment.