citigroup.com

Citicorp net income decreased 13% to $3.9 billion, from $4.5 billion in the prior year period, driven by the lower revenues and higher cost of credit, partially offset by lower operating expenses. On such basis, the net loan loss reserve release was $25 million, compared to a net loan loss reserve build of $6 million in the prior year period, net credit losses decreased 7% and the net credit loss rate was 1.54% of average loans, improved from 1.65% in the prior year period. ICG cost of credit included net credit losses of $141 million ($82 million in the prior year period) and a net loan loss reserve release of $59 million (net loan loss reserve release of $169 million in the prior year period). As of the end of the second quarter 2016, Citigroup had signed agreements to reduce Citi Holdings assets by an additional $7 billion. of $843 million decreased 57% from the prior year period, mainly reflecting continued reductions in Citi Holdings assets and lower gains on asset sales.