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Citigroup, the world's largest banking company, reported a 12 percent increase in its fourth-quarter earnings today, but it tempered Wall Street's expectations for the coming year.
The company said that it expected to post solid results in 2005 but that its annual profits would register at the lower end of analysts' expectations because of rising interest rates and a decreased ability to tap into excess loan loss reserves.
WTF is tapping into a loan loss reserve?