Citigroup (C) Tops Q2 EPS by 6c

Citigroup (NYSE: C) reported Q2 EPS of $1.24, $0.06 better than the analyst estimate of $1.18. Revenue for the quarter came in at $17.5 billion versus the consensus estimate of $17.87 billion.

Michael Corbat, Chief Executive Officer of Citi, said, “These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution. Nearly all of our net income came from our core businesses and we continued to reduce non-core assets in Citi Holdings. We significantly improved our efficiency ratio, return on assets and return on tangible common equity from the first quarter. We also grew loans in both our consumer and institutional businesses, reduced expenses, and utilized additional deferred tax assets, bringing the total utilized to $10 billion over the last four years. This utilization fuels our ability to generate regulatory capital and, with the Fed’s non-objection to our capital plan, I am pleased that we will significantly increase the amount of capital returned to our shareholders over the next year.”

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

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