Citigroup (C) Tops Q2 EPS by 7c

Citigroup (NYSE: C) reported Q2 EPS of $1.28, $0.07 better than the analyst estimate of $1.21. Revenue for the quarter came in at $17.9 billion versus the consensus estimate of $17.37 billion.

• Citigroup’s net income decreased to $3.9 billion in the second quarter 2017, as the higher revenues were more than offset by higher cost of credit and operating expenses, as well as a higher effective tax rate. Citigroup’s effective tax rate was 31.6% in the current quarter compared to 29.9% in the second quarter 2016.

Citi CEO Michael Corbat said, “During the quarter, we saw continued momentum in our businesses, with loan and revenue growth across both sides of the house. Our Global Consumer Bank posted revenue growth in all three regions. Our Institutional Clients Group had a very strong quarter all-around, including its best Investment Banking performance in seven years.

“The $3.9 billion of net income helped generate additional regulatory capital. Our Common Equity Tier 1 capital ratio grew to 13.0%, well above the 11.5% we believe we need to prudently operate the firm. Our recently announced 2017 capital plan includes a return of $18.9 billion enabling us to reduce the amount of capital we hold. We are clearly on course to increase both the return on capital and return of capital for our shareholders,” Mr. Corbat concluded.

For earnings history and earnings-related data on Citigroup (C) click here.

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