Citi (C) Beats Q2 Expectations of Loan and Deposit Growth, Transaction Services Performance
Tweet Send to a Friend
Get Alerts C Hot Sheet
Price: $50.01 +1.32%
EPS Growth %: +29.5%
Financial Fact:
Provision for loan losses: 2.3B
Today's EPS Names:
CO, JW-A, FDS, More
EPS Growth %: +29.5%
Financial Fact:
Provision for loan losses: 2.3B
Today's EPS Names:
CO, JW-A, FDS, More
Trade C Now!
If they're not considering it now, Citigroup (NYSE: C) may want to add green to its color palete. You know, to reflect recent stock movement.
Following a 5.4 percent jump on the back peer JPMorgan's (NYSE: JPM) second-quarter numbers Friday, Citgroup is grabbing some spotlight Monday on its own results early Monday.
Revenue at the bank slipped to $18.64 billion, from $20.62 billion in the same period last year. Non-GAAP revs were $18.85 billion, versus expectations of $18.76 billion.
GAAP earnings fell about 12 percent, to $2.95 billion, or 95 cents per share. Taking out losses from CVA/DVA and Akbank, EPS was a more robust $1, versus expectations of 89 cents.
Citi's Tier 1 common ratio moved 110 basis points higher to 12.7 points while its Tier 1 capital ratio popped 80 basis points to 14.4 percent. Estimated Basel III Tier 1 common ratio was 7.9 percent.
"Our core businesses performed well in a difficult environment and are generating solid returns," commented CEO Vikram Pandit. "We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services. We reduced Citi Holdings to approximately 10% of our balance sheet while our capital strength and liquidity continue to be among the best in the industry."
Allowance for loan losses dropped from 5.4 percent to 4.3 percent, or $27.6 billion.
Net credit losses fell 31 percent to $3.58 billion.
Book value per share moved from $60.34 last year up to $62.61, while tangible book value is at $51.81.
Shares are indicated for a higher open Monday.
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
Following a 5.4 percent jump on the back peer JPMorgan's (NYSE: JPM) second-quarter numbers Friday, Citgroup is grabbing some spotlight Monday on its own results early Monday.
Revenue at the bank slipped to $18.64 billion, from $20.62 billion in the same period last year. Non-GAAP revs were $18.85 billion, versus expectations of $18.76 billion.
GAAP earnings fell about 12 percent, to $2.95 billion, or 95 cents per share. Taking out losses from CVA/DVA and Akbank, EPS was a more robust $1, versus expectations of 89 cents.
Citi's Tier 1 common ratio moved 110 basis points higher to 12.7 points while its Tier 1 capital ratio popped 80 basis points to 14.4 percent. Estimated Basel III Tier 1 common ratio was 7.9 percent.
"Our core businesses performed well in a difficult environment and are generating solid returns," commented CEO Vikram Pandit. "We had strong growth in both loans and deposits, showed resilience in our markets-facing businesses, and saw record revenues in Transaction Services. We reduced Citi Holdings to approximately 10% of our balance sheet while our capital strength and liquidity continue to be among the best in the industry."
Allowance for loan losses dropped from 5.4 percent to 4.3 percent, or $27.6 billion.
Net credit losses fell 31 percent to $3.58 billion.
Book value per share moved from $60.34 last year up to $62.61, while tangible book value is at $51.81.
Shares are indicated for a higher open Monday.
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: Citi Raises PT on Micron Technology (MU) to $19
- Oxford Industries (OXM) Tops Q1 EPS by 4c, Trims Top-End of FY13 Revs Outlook
- PVH Corp. (PVH) Tops Q1 EPS by 56c; Issues Q2 EPS, Revs Outlook
Create E-mail Alert Related Categories
Earnings, Hot EarningsRelated Entities
JPMorgan, 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!
