Citigroup (C) Tops Q2 EPS by 2c

(Updated - July 15, 2019 8:01 AM EDT)

Citigroup (NYSE: C) reported Q2 EPS of $1.83, $0.02 better than the analyst estimate of $1.81. Revenue for the quarter came in at $18.76 billion versus the consensus estimate of $18.49 billion.

• Earnings per share of $1.95 increased 20% from the prior-year period including the gain. Excluding the Tradeweb gain7, earnings per share of $1.83 increased 12% primarily driven by a 10% reduction in average diluted shares outstanding and the lower effective tax rate.

Citi CEO Michael Corbat said, “Our earnings per share of $1.95 for the second quarter were 20% higher than one year ago. We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management. We increased our Return on Assets year-over-year to 97 basis points; and generated a Return on Tangible Common Equity of 11.9%, over 100 basis points better than last year. We delivered positive operating leverage for the 11th straight quarter and improved our efficiency, while again increasing loans and deposits. We have good momentum and solid growth across our consumer franchise, particularly in the U.S., while in the ICG, our industry leading Treasury and Trade Solutions business continues to perform well and we gained share in market-sensitive products such as Investment Banking.

“During the quarter, we received a non-objection from the Federal Reserve for our 2019 CCAR submission. That will allow us to meet the goal we set at Investor Day to return at least $60 billion in capital over three CCAR cycles. Our $21.5 billion capital return will raise the three-year total to $62.3 billion. Buybacks have reduced our common shares outstanding by 10% over the last year alone and helped drive our Tangible Book Value per share up 10% over the same time period. We remain committed to improve our returns on capital while continuing to provide meaningful capital return to our shareholders,” Mr. Corbat concluded.

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

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