Citi (C) Tops Q3 Views Excluding MSSB Loss, Positive Spread Effect on CVA/DVA
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Price: $49.53 -0.96%
Revenue Growth %: +5.6%
Financial Fact:
Net income attributable to noncontrolling interests: 90M
Today's EPS Names:
CEDU, CHC, CIDM, More
Revenue Growth %: +5.6%
Financial Fact:
Net income attributable to noncontrolling interests: 90M
Today's EPS Names:
CEDU, CHC, CIDM, More
Trade C Now!
Citigroup (NYSE: C) shares are indicated for a higher open after issuing strong third-quarter 2012 results earlier.
Revs fell 33 percent to $13.95 billion in the quarter, from $18.6 billion in the same period last year. Net income dropped 88 percent to $468 million, or 15 cents per share.
Adjusted for CVA/DVA loss on Morgan Stanley Smith Barney and tax benefit, revs were $19.4 billion with EPS of $1.06, up 3 percent and 27 percent, respectively.
The Street was looking for revs of $18.65 billion and EPS of 98 cents.
Citi detailied the expenses: "CVA/DVA was a negative $776 million in the third quarter, resulting from the improvement in Citi’s credit spreads, compared to a positive $1.9 billion in the prior year period. Third quarter results also included a pre-tax loss of $4.7 billion ($2.9 billion after-tax) from the previously announced sale of a 14% interest and other-than-temporary impairment of the carrying value of Citi’s remaining 35% interest in the Morgan Stanley Smith Barney (MSSB) joint venture."
Citi's Tier 11 Capital Ratio was 13.9 percent, Tier 1 common under Basel I at 12.7 percent, estimated Tier 1 common under Basel III at 8.6 percent.
"We generated additional capital during the quarter and our Tier 1 Common Ratio was estimated at 8.6% on a Basel III basis at the end of the period," commented CEO Vikram Pandit. "We are managing risk very carefully given global economic conditions so we can continue to grow our businesses safely and soundly."
Tangible book value per share rose from $49.50 up to $52.70. Overall book value per share was $63.59, from $60.56 last year.
Securities and Banking saw a 29 percent drop in revs to $4.77 billion, while Global Consumer Banking revs rose 2 percent to $10.18 billion.
Europe, Middle East, and Africa (EMEA) revs fell 23 percent, while net income plummeted 39 percent, making it the worst performing region for Citi in the period. Latin America was the only growth market in the period.
Ahead of the bell, Citi shares are up 2.2 percent.
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Revs fell 33 percent to $13.95 billion in the quarter, from $18.6 billion in the same period last year. Net income dropped 88 percent to $468 million, or 15 cents per share.
Adjusted for CVA/DVA loss on Morgan Stanley Smith Barney and tax benefit, revs were $19.4 billion with EPS of $1.06, up 3 percent and 27 percent, respectively.
The Street was looking for revs of $18.65 billion and EPS of 98 cents.
Citi detailied the expenses: "CVA/DVA was a negative $776 million in the third quarter, resulting from the improvement in Citi’s credit spreads, compared to a positive $1.9 billion in the prior year period. Third quarter results also included a pre-tax loss of $4.7 billion ($2.9 billion after-tax) from the previously announced sale of a 14% interest and other-than-temporary impairment of the carrying value of Citi’s remaining 35% interest in the Morgan Stanley Smith Barney (MSSB) joint venture."
Citi's Tier 11 Capital Ratio was 13.9 percent, Tier 1 common under Basel I at 12.7 percent, estimated Tier 1 common under Basel III at 8.6 percent.
"We generated additional capital during the quarter and our Tier 1 Common Ratio was estimated at 8.6% on a Basel III basis at the end of the period," commented CEO Vikram Pandit. "We are managing risk very carefully given global economic conditions so we can continue to grow our businesses safely and soundly."
Tangible book value per share rose from $49.50 up to $52.70. Overall book value per share was $63.59, from $60.56 last year.
Securities and Banking saw a 29 percent drop in revs to $4.77 billion, while Global Consumer Banking revs rose 2 percent to $10.18 billion.
Europe, Middle East, and Africa (EMEA) revs fell 23 percent, while net income plummeted 39 percent, making it the worst performing region for Citi in the period. Latin America was the only growth market in the period.
Ahead of the bell, Citi shares are up 2.2 percent.
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Thomas R. Clauss (98) on Oct 15, 2012 10:03 AMMark as Spam | Reply to this comment
Stock is poised to move!