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How Citi's $12.7B Asset Sale Fits Into Its Long-Range Capital Plans

At the end of the first quarter, Citi reclassified $ 12.7 billion of assets it has already planned to hold to maturity, their transfer to the trading portfolio to accelerate their roll-off the balance sheet. To date, the company has sold nearly three-quarters of those assets, mostly at or above their marked price.

Reclassified assets - a mixture of mortgage securities, auction-rate securities and corporate loans - would risk weight higher than the average under Basel III, requiring more capital is held against them.

"When you start to move in a Basel III, we have done the job of transferring these assets outside to hold to maturity and in exchange," Citi Chief Financial Officer John Gerspach said during a teleconference with reporters Monday. "It was not necessarily a type of pricing decision. It was really more of a decision Basel III than anything else. "

But improvements in pricing is no doubt made easier the decision to sell the assets.It also helps that Citi is its position in the market sufficiently rehabilitated to withstand the impact $ 709 million in first quarter earnings that was caused by the reclassification of assets.

"When we looked at where the markets are today, there seemed to be a time when we could take a hit, but it was worth taking now to get the Basel III weighting benefit in the future, "said Gerspach.

Including charges related to the sale of assets, Citi's first quarter net income was 3 billion, or 10 cents per share, more than double the net income reported for the fourth quarter but down 32% over the first quarter of 2010.

Comparable period last year, revenues were down 22%, expenditures were higher by 7% and the company did not develop the average loan balance for its retail banking business in North America .

But loan growth was also impressive, particularly in Asia and Latin America.In Citicorp, the collection of businesses and assets that the company looks like the pursuit of its core businesses, loans grew 10% year on year, with a 6% increase in consumer credit and increased 16% of business loans.

The turnover of the division of Citicorp was $ 16.5 billion, up 16% from the fourth quarter but down 11% in the first quarter of last year. Citi Holdings revenues, assets and businesses that Citi plans to sell, abandon or allow to deadlines, was halved last year to 3.3 billion.At the end of the first quarter, Citi Holdings assets totaled 337 billion dollars, down from third to the same period a year earlier.

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