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Citigroup (C) Swings to $2.9 Billion Q1 Profit

April 16, 2012 8:25 AM EDT Send to a Friend
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.




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