Citigroup (C) reported $1.3 billion in net income for the fourth quarter of 2010, or 4 cents a share, up from a $7.6 billion loss a year ago. Revenue for the quarter reached $18.3 billion, more than triple the $5.4 billion in revenue a year ago but down 11% from the previous quarter. Citi earned $10.6 billion in net income for the full year of 2010, or 35 cents a share, compared to a net loss of $1.6 billion in 2009. "2010 was a year full of milestones and was critical for the turnaround of this institution," Citigroup CEO Vikram Pandit said. Mortgage originations at the bank increased for the fourth consecutive quarter. Citi totaled $21.8 billion in new originations, up $9.3 billion a year ago. Corporate revenue at the bank reached $1.8 billion in 2010, up from a $10.6 billion loss in 2009 that included a repayment of Troubled Asset Relief Program dollars when it exited its loss-sharing agreement with the Treasury Department. Citigroup's total allowance for loan losses was $40.7 billion by the end of the fourth quarter, or 6.31% of total loans, down from $43.7 billion, or 6.73%, in the previous quarter. The bank's Tier 1 capital ratio reached 12.9% in the fourth quarter, up from 11.6% a year ago and 12.5% in the previous quarter. Write to Jon Prior. Follow him on Twitter: @JonAPrior