Citigroup (C) Swings to $2.9 Billion Q1 Profit
Tweet
Share
E-mail
Get Alerts C Hot Sheet
Price: $131.05 +1.06%
Financial Fact:
Provision for loan losses: 1.75B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Provision for loan losses: 1.75B
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Citigroup (NYSE: C) is active early Monday after posting first quarter results which showed a surge in profits from last year, although the results fell short of Wall Street views.
The banking giant reported net income of $2.9 billion, or $0.95 per diluted share. This compared to a loss of $256 million last year. Excluding CVA/DVA and the net gain from minority investments earnings were $1.11 per diluted share. Wall Street was looking for earnings of $1.00 per share.
Citigroup revenues for the quarter were $19.4 billion, versus the consensus of $19.81 billion. Excluding CVA/DVA and the net gain from minority investments first quarter revenues were $20.2 billion, up 1% from last year.
"While our businesses operated in an improved environment, we also saw the benefit of our investments," Citi CEO Vikram Pandit stated. "We generated revenue growth and had positive operating leverage across all three of Citi’s core businesses. Global Consumer Banking, our largest business, produced another quarter of good growth in revenues, net income and key drivers like loans and deposits. Transaction Services had record quarterly revenues as it captured increasing share in global trade finance, and Securities and Banking rebounded strongly with year-over-year revenue growth excluding the impact of CVA/DVA."
Citi ended the quarter with Tier 1 Common Ratio of 12.4% under Basel I and an estimated Tier 1 Common Ratio of 7.2% under Basel III.
Citi's book value per share was reported at $61.90, while tangible book value per share was reported at $50.90.
Citigroup last traded at $33.78, up 1 percent from Friday's close.
The banking giant reported net income of $2.9 billion, or $0.95 per diluted share. This compared to a loss of $256 million last year. Excluding CVA/DVA and the net gain from minority investments earnings were $1.11 per diluted share. Wall Street was looking for earnings of $1.00 per share.
Citigroup revenues for the quarter were $19.4 billion, versus the consensus of $19.81 billion. Excluding CVA/DVA and the net gain from minority investments first quarter revenues were $20.2 billion, up 1% from last year.
"While our businesses operated in an improved environment, we also saw the benefit of our investments," Citi CEO Vikram Pandit stated. "We generated revenue growth and had positive operating leverage across all three of Citi’s core businesses. Global Consumer Banking, our largest business, produced another quarter of good growth in revenues, net income and key drivers like loans and deposits. Transaction Services had record quarterly revenues as it captured increasing share in global trade finance, and Securities and Banking rebounded strongly with year-over-year revenue growth excluding the impact of CVA/DVA."
Citi ended the quarter with Tier 1 Common Ratio of 12.4% under Basel I and an estimated Tier 1 Common Ratio of 7.2% under Basel III.
Citi's book value per share was reported at $61.90, while tangible book value per share was reported at $50.90.
Citigroup last traded at $33.78, up 1 percent from Friday's close.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Arena Group to rename as Paradium.AI, ticker changing to PAAI
- Deutsche Bank monitors UK auto sales as Chinese exports grow
Create E-mail Alert Related Categories
Earnings, Hot EarningsRelated Entities
Citi, Vikram Pandit, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
