For the full year of 2015, Citigroup’s net income more than doubled despite a slight decline in revenues, from 7 point 3 billion dollars on revenues of 77 billion in 2014 up to 17 point 1 billion on revenues of 76 billion in 2015. The net income for Citigroup in 2015 was its highest since 2006, before the financial crisis. The increase was driven by, quote, lower operating expenses and lower net credit losses that were partially offset by the lower revenues and a lower net loan loss reserve release. Close quote
Citigroup reported net earnings of 3 point 3 billion dollars for the fourth quarter of 2015, nearly a ten-fold increase from the bank’s reported net income of 344 million dollars for the fourth quarter of 2014. The spike was driven by, quote, higher revenues and lower operating expenses, partially offset by a higher cost of credit. Citigroup’s effective tax rate was 29 percent in the current quarter, a decrease from 74 percent in the fourth quarter 2014, which was impacted by an elevated level of non-tax-deductible legal and related expenses. Close quote
Fewer and fewer residential mortgage loans are seriously delinquent as the crisis passes its seven-year anniversary. In some cases, the number of seriously delinquent loans is at or below pre-crisis levels. CoreLogic reported a serious delinquency rate of about 3 point 3 percent in October, which computes to about 1 point 25 million homes—the lowest level since December 2007. In its November 2015 Mortgage Monitor, Black Knight Financial Services reported a 26 percent drop year-over-year in 90-plus day delinquent inventory, down to about 827 thousand properties.