Shares of Citi (C) Pop on Strong Q3 Results; Still Trading 41% Below Book Value
Tweet Send to a Friend
Get Alerts C Hot Sheet
Price: $51.45 +1.66%
EPS Growth %: +29.5%
Financial Fact:
Income from continuing operations (in dollars per share): 1.25
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: +29.5%
Financial Fact:
Income from continuing operations (in dollars per share): 1.25
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade C Now!
Citigroup (NYSE: C) shares are ticking higher Monday following strong quarterly results from the financial giant.
Revenue in the quarter rose about 0.5 percent from $20.738 billion during the same quarter last year to $20.831 billion.
Net income for Citigroup jumped 74 percent to $3.771 billion, or $1.23 per share. Excluding credit valuation adjustments, revenue came in at $18.9 billion and earnings were 84 cents per share.
The Street was looking for revenue of $19.59 billion and earnings of 82 cents per share, though Citigroup's earnings number may not be comparable to the consensus.
Vikram Pandit, Citi’s Chief Executive Officer, said, "Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results. We continued to manage our risk prudently while growing the businesses that are core to our strategy. We have reduced the size of Citi Holdings to 15% of our balance sheet and further improved our financial strength. We are very well positioned as we help our clients navigate the world's current trends and key opportunities."
Citigroup's book value rose 8.2 percent to $60.56, while tangible book value increased 11.4 percent to $49.50. Citigroup shares are currently trade 41.4 percent below its tangible book value.
Tier 1 common ratio moved from 10.3 to 11.7 percent, while Tier 1 capital ratio increased from 12.5 to 13.5 percent.
Net credit losses fell 41 percent from $7.659 billion to $4.514 billion.
Shares are up 1.4 billion.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Revenue in the quarter rose about 0.5 percent from $20.738 billion during the same quarter last year to $20.831 billion.
Net income for Citigroup jumped 74 percent to $3.771 billion, or $1.23 per share. Excluding credit valuation adjustments, revenue came in at $18.9 billion and earnings were 84 cents per share.
The Street was looking for revenue of $19.59 billion and earnings of 82 cents per share, though Citigroup's earnings number may not be comparable to the consensus.
Vikram Pandit, Citi’s Chief Executive Officer, said, "Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results. We continued to manage our risk prudently while growing the businesses that are core to our strategy. We have reduced the size of Citi Holdings to 15% of our balance sheet and further improved our financial strength. We are very well positioned as we help our clients navigate the world's current trends and key opportunities."
Citigroup's book value rose 8.2 percent to $60.56, while tangible book value increased 11.4 percent to $49.50. Citigroup shares are currently trade 41.4 percent below its tangible book value.
Tier 1 common ratio moved from 10.3 to 11.7 percent, while Tier 1 capital ratio increased from 12.5 to 13.5 percent.
Net credit losses fell 41 percent from $7.659 billion to $4.514 billion.
Shares are up 1.4 billion.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Applied Materials, Inc. (AMAT) Tops Q2 EPS by 3c, Offers Guidance
- J.C. Penney Co., Inc. (JCP) Posts Q1 Loss of $1.31/Share; Comps Down 16.6%
- UPDATE: Solarcity (SCTY) Posts Q1 GAAP Loss of 41c/Share
Create E-mail Alert Related Categories
Corporate News, EarningsRelated Entities
Citi, Vikram Pandit, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
