US banking giant Citigroup reported Friday a first-quarter net loss of $5.1 billion, including $6 billion in write-downs related to the subprime mortgage crisis. Earnings per share were a negative $1.02, a steeper than the 95-cent loss that most analysts' forecast. The net loss was mainly driven by fixed-income results and higher consumer credit costs, Citigroup said. The banking titan reported a massive $12 billion in write-downs. Citigroup took $6 billion in pre-tax write-downs and credit costs on subprime related direct exposures. Results also included write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments; a downward credit value adjustment of $1.5 billion related to exposure to monoline, or municipal bond, insurers; write-downs of $1.5 billion on auction rate securities inventory; and a $3.1 billion increase in credit costs in its global consumer business. __
