NEW YORK (AFP) — US banking giant Citigroup reported Friday a first-quarter net loss of 5.1 billion dollars, including six billion dollars in write-downs related to the subprime mortgage crises.

Earnings per share were a negative 1.02 dollars, 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 dollars in write-downs. Citigroup took six billion dollars in pre-tax write-downs and credit costs on sub-prime related direct exposures.

Results also included write-downs of 3.1 billion dollars on funded and unfunded highly leveraged finance commitments; a downward credit value adjustment of 1.5 billion dollars related to exposure to monoline, or municipal bond, insurers; write-downs of 1.5 billion dollars on auction rate securities inventory; and a 3.1-billion-dollar increase in credit costs in its global consumer business.

Vikram Pandit, Citi chief executive, said the financial results “reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions.”

Pandit said that during the first quarter, valuations of the bank’s subprime-related exposures in fixed-income markets and leveraged finance assets had further declined and credit costs in its consumer lending businesses had increased.

“Despite the negative factors in the broader markets, we continue to see strong momentum throughout the organization with robust volumes in many of our products and regions,” he said.

“We have taken decisive and significant actions to strengthen our balance sheet, including over 30 billion dollars of capital raised during December and January,” he said.

Pandit noted that the bank recently reorganized its businesses along regional and product lines.

“As we move into the second quarter and beyond, we will continue to divest non-strategic assets and allocate capital to the products and regions that will drive increased revenues, enhance the value of our franchise, and ultimately, maximize shareholder value,” he said.