Citi Holdings announced earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $1,297 million against $1,067 million for the same period a year ago. Adjusted revenue was $1,296 million against $1,042 million for the same period a year ago. Net loss was $422 million against $1,049 million for the same period a year ago. Adjusted net loss was $422 million against $1,015 million for the same period a year ago. Excluding CVA/DVA, Citi Holdings revenues increased 24% versus the prior year period, driven mostly by the absence of repurchase reserve builds for representation and warranty claims in the fourth quarter 2013. Net loss primarily reflecting lower credit costs. Net interest revenue was $871 million against $635 million a year ago. Loss from continuing operations before income taxes was $512 million against $1,715 million for the same period a year ago. Loss from continuing operations was $418 million against $1,049 million for the same period a year ago. Total revenues were up year-over-year, primarily driven by the absence of rep and warranty reserve builds this quarter. The pretax loss was roughly $500 million, driven by $647 million of legal and related expenses.

For full year, the company reported total revenue of $4,542 million against negative total revenue of $792 million for the same period a year ago, driven mostly by the absence of repurchase reserve builds for representation and warranty claims in the fourth quarter 2013. Adjusted revenue was $4,539 million against $3,735 million for the same period a year ago. Net loss was $1,890 million against $6,531 million for the same period a year ago. Adjusted net loss was $1,891 million against $3,683 million for the same period a year ago. Net interest revenue was $3,184 million against $2,619 million a year ago. Loss from continuing operations before income taxes was $3,003 million against $10,921 million for the same period a year ago. Loss from continuing operations was $1,874 million against $6,528 million for the same period a year ago.