Citigroup (C) Tops Q1 EPS by 13c
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Citigroup (NYSE: C) reported Q1 EPS of $1.52, $0.13 better than the analyst estimate of $1.39. Revenue for the quarter came in at $19.7 billion versus the consensus estimate of $19.83 billion.
This compared to net income of $3.9 billion, or $1.23 per diluted share, on revenues of $20.2 billion for the first quarter 2014.
CVA/DVA was negative $73 million (negative $47 million after-tax) in the first quarter 2015, compared to $7 million ($4 million after-tax) in the prior year period. First quarter 2014 results also included a $210 million tax charge5 (recorded in Corporate/Other). Excluding CVA/DVA, revenues were $19.8 billion, down 2% from the prior year period. Excluding CVA/DVA and the tax item in the prior year period, earnings were $1.52 per diluted share, up 17% from prior year earnings of $1.30 per diluted share.
Michael Corbat, Chief Executive Officer of Citigroup, said, “We had a strong quarter overall, particularly in executing against our top strategic priorities. While some businesses faced revenue headwinds, we grew loans and deposits in our core businesses and gained wallet share among our target clients. We tightly managed our expenses, helping to achieve positive operating leverage in Citicorp and we are on track to hit our financial targets for the year.
“Citi Holdings was profitable again and we announced the sale of OneMain, the largest business remaining in Holdings. We utilized $1.2 billion of deferred tax assets, helping increase our Common Equity Tier 1 Capital ratio to 11.0% and our Supplementary Leverage Ratio to 6.4%.
“We were pleased that the Federal Reserve did not object to our capital plan so we can now begin meaningful capital return to our shareholders. We remain committed to building a safer and stronger institution and we will continue to make the necessary investments to ensure we have a sustainable capital planning process,” Mr. Corbat concluded.
For earnings history and earnings-related data on Citigroup (C) click here.
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